Jun 27 2023 31 mins 4
Transit agencies and tolling authorities process millions of payments each day. Consumers and businesses pay tolls or mass transit fares to go to work, deliver goods or to simply go on vacation. It is important to make sure that electronic tolling tag accounts or mass transit accounts are funded so customers don’t miss payments or face fines for not paying tolls. Checks take time to process and ACH transactions may only post the next day, leaving a customer with an underfunded account. To reduce underfunded accounts and to help reduce bank account overdrafts, one provider of payment services to the transportation industry is turning to real-time payments on the RTP network. Conduent Transportation is offering real-time payment capabilities to tolling authorities and transportation agencies so that customers can make sure their accounts have the necessary funds. Tolling authorities can also send request-for-payments (RfP) to business users, such as trucking companies, to make sure their tolling account has enough funds to cover tolls for its trucking fleet.
In this episode of Payments Nerds, hear from Kathy Mertes, Vice President of Digital Payments at Conduent, a business process provider, and Eralda Hasani, Director of Immediate Payments Product Management at BNY Mellon Treasury Services, about how instant payments on the RTP network is providing a value-added service that Conduent is offering its customers through its relationship with BNY Mellon.
Payments Nerds is brought to you by The Clearing House, hosted by Greg MacSweeney, and produced by Earfluence.
