The Bank of New York is offering its treasury management clients new electronic collection and disbursement capabilities that it says will “significantly streamline the bill paying process for businesses and the consumers they serve.”
The new service aims to give the bank’s corporate and institutional clients the ability to capture information and authorization for collections and payments from consumers. Businesses will be able to offer individuals the ability to make payments electronically using a checking account, credit card or debit card, as well as send bills or statements electronically to individuals via a website or secure e-mail.
The offering also aims to enhance customer service initiatives by offering a variety of self-service support tools, such as internet and automated telephone payment initiation, which allow consumers to make one-time and recurring payments 24 hours a day via either an online account or over the phone.
The Bank has joined with Harbor Payments, Inc., which offers Internet-based payment management solutions, to offer these expanded capabilities.
Eric Kamback, senior vice president and head of the global payment services group at The Bank of New York, said, “This comprehensive client solution from payment initiation through reconciliation is consistent with our vision to provide clients with innovative solutions to meet their evolving commercial payment needs. This combination of capabilities allows us to couple our core payment processing infrastructure with Harbor’s collection and disbursement services for consumers.”