MasterCard International and Princeton eCom, a leading electronic bill presentment and payment provider, today announced an agreement making Princeton eCom among the first Biller Service Providers to join MasterCard’s Remote Payment and Presentment Service and its recently announced electronic bill presentment service. Princeton eCom also serves as a payment originator on behalf of its financial institution customers.
MasterCard’s RPPS program provides participating financial institutions flexible connectivity to process electronic payment transactions without capturing or storing consumer or biller relationship information. Through the agreement, MasterCard will act as a bill payment “hub”, offering Princeton eCom customers the ability to pay their bills online through MasterCard’s extensive payment network.
By leveraging MasterCard’s existing payment relationships through its Remote Payment and Presentment Service (RPPS), this collaborative effort allows the industry to reach a greater number of potential consumers than ever before. MasterCard’s 14 years of experience, along with its proven payments network, risk management and customer service infrastructure, enable companies like Princeton eCom to leverage MasterCard’s expertise, customer base and payment experience. As a result of this service, consumers have gained more convenience with access to more of their bills online, while billers have the opportunity to access a greater number of consumers then ever before. Member financial institutions can promote interoperability and leverage MasterCard’s extensive payments experience and “hub”. The full service offering will be available to all banks, Customer Service Providers and Biller Service Providers in September 2000.
“MasterCard’s RPPS allows Princeton eCom to significantly increase the number of online banking customers that we are able to access. This new reach furthers our goal of providing our customers with some of the most advanced reach for bill payment,” said Ronald Averett, president and chief operating officer, Princeton eCom. “We’re pleased to work with MasterCard because the company shares our commitment to providing anytime, anywhere access to bills.”
“Princeton eCom is at the forefront of bill presentment and payment technology and we’re pleased to have a strategic relationship with them on both fronts,” said Ruth Ann Marshall, president, North American Region, MasterCard International.
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard(R), Cirrus(R) and Maestro(R) logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 18 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.
About Princeton eCom
Princeton eCom, N.J.-based company, is a leading application service provider in the fast-growing electronic bill presentment and payment (EBPP) industry and works with financial service companies and billers in the following industries: credit card, telecommunication, utility, cable, insurance, media and retail. The company is a leading integrated electronic payment provider for the banking industry and provides hosting facilities for both EBPP business-to-business and business-to-consumer platforms. Princeton eCom offers e-bill distribution over the Internet to biller websites, portals, interactive content sites, financial institutions, personal financial management (PFM) software, and is the only provider to go to more than one consolidator.
Princeton eCom also offers a billers’ consumers an integrated epayments solution via the Internet, telephone or any digital device. It was the first company to present an e-bill on the Internet and currently provides EBPP services to over 30 major online billers including Verizon Wireless, Cellular One, Adelphia and Cinergy Corp. Its integrated electronic billing and payment solutions are used by more than 600 of the largest companies in the United States. The Company provides a single point of contact for the entire EBPP solution-from integrated payment and presentment solutions to electronic collection services. Billing Concepts Corp. (Nasdaq: BILL), the lead investor in eCom — is a provider of billing solutions, products and services to the telecommunications industry. In addition to the Princeton eCom investment, Billing Concepts’ Internet division provides Internet-based instant loan approval products to the financial services industry. For more information visit http://www.princetonecom.com.Details