PURCHASE, N.Y. - MasterCard International has introduced a way to link electronic payments to electronically presented Open Financial Exchange bills.
Its payments processing division, MasterCard Remote Payment and Presentment Service, says the new capability closes the payment-presentment information loop, letting a biller service provider match a payment received from a customer service provider through its system to a previously presented OFX bill.
The new feature includes complete settlement, a component that the OFX specifications previously lacked, according to MasterCard. Linkage also is enabled whether or not the bill was originally presented through the Remote Payment and Presentment Service presentment switch.
"MasterCard is pleased to offer this advanced functionality, which permits our customers to deliver valuable new services to their customers," said Cathleen Conforti, vice president of the division. "We are confident this new enhancement will streamline the process for financial institutions connecting through MasterCard Remote Payment and Presentment Service to multiple customer interfaces, processors, and systems integrators."
Ms. Conforti said all customer service providers can enhance their OFX bill presentment-payment programs through MasterCard's network without building a new payments infrastructure.