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Mastercard launches Bill Pay Exchange

Mastercard has launched a new digital solution that allows customers to manage regular utility, rent, credit card, mortgage and other regularly billed accounts without having to set up accounts with different billers or remember multiple passwords and dates for payments each month. The company's new Bill Pay Exchange is offered through banks and credit unions to enable consumers to use their mobile banking app to easily set up all billers, receive notifications on payments due, view billing details and manage multiple accounts in one place, while also allowing customers to specify when and how much to pay various accounts.

Mastercard Bill Pay Exchange will link to The Clearing House's (TCH'S) real-time payments infrastructure, which was built with technology from the Mastercard company, Vocalink. This will enable consumers to pay their bills instantly from their bank accounts — in a matter of seconds versus days — reducing the delay between when the payment is made and when it is reflected in the consumer's balance.

Mastercard Launches Real-Time Bill Payments Via Banking Apps

Mastercard announced today (Oct. 10) that it is launching Mastercard Bill Pay Exchange — a real-time bill payment and presentment service. This will give issuers the opportunity to recapture ground lost by consumers opting out of online and mobile bill-pay services in favor of visiting biller sites directly to pay their bills.

The Bill Pay Exchange leverages Mastercard’s network of 135,000 billers and the real-time payment capabilities of Vocalink and The Clearing House  (TCH) to provide the same direct-biller customer experience via issuer-branded mobile apps for banks that are already part of the Vocalink/TCH real-time payments system.

Colleen Taylor, executive vice president at Mastercard , told Karen Webster that the Exchange “will facilitate consumers getting a great payment experience through their bank that will allow them to get immediate confirmation of that payment. We are doing that through leveraging real-time payments.”

That desire for real-time confirmations comes against a backdrop where, despite all the innovations in online and mobile banking, consumers continue to visit biller websites to schedule and/or make their bill payments — and they do so a lot. Analysts reported that nearly three quarters of online bill payments made in 2016 were done on biller sites, up from 62 percent in 2010.

What happens to the balance in debt forgiveness?

The situation is my mother-in-law has a house that she owns. She took out a loan and a mortgage on the house for repairs. Those were consolidated by Citi Financial.

She could very well end up with a 1099-C taxable income amount for the tax year to be reported on her 1040 income tax return for the tax year.