Conduent Incorporated, a technology-powered process solutions company, has collaborated with BNY Mellon to launch a new Digital Integrated Payments Hub.
This new hub will allow businesses and public sector agencies to access secure, faster, and cost-effective options to send, request or receive payments.
By integrating the payment capabilities of BNY’s infrastructure, Conduent believes its technology will accelerate refunds, rebates, and overpayment remediations from as many as 10 days to a matter of minutes. Additionally, it will offer transparency to track all transactions.
Conduent claims to be the first business process outsourcing provider to offer a centralised platform consolidating different payment processes and systems, including real-time payments (RTP) from The Clearing House and Zelle.
Conduent offered some potential use cases for its new hub. One of these is allowing transportation authorities to add RTP Request for Pay as an option for motorists to satisfy tolling, parking, and transit fees safely and efficiently.
Another use case is leveraging Zelle for refunds and rebates to send funds to consumers for over-the-counter medicine or merchandise.
Other uses include better authenticating account ownership to mitigate fraud and moving to a neat paperless payable system.
Conduent global head of strategy & corporate development Rob Houser said, “We know that consumers increasingly prefer the convenience, immediacy, and security of established digital payment services.
“By adding BNY Mellon as our payment’s infrastructure provider, we can now offer clients across the Government, Commercial and Transportation segments new payment options that reduce costs, mitigate fraud and provide timely benefits.”
Earlier in the year, BNY Mellon teamed up with blockchain data platform Chainalysis to gain access to the latter’s compliance software. BNY Mellon is integrating Chainalysis’ technology to assess broader cryptocurrency trends and granular activity to support its compliance and due diligence.
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