It is generally believed that the smartphone has disrupted society by replacing the simple cell phone with a clever device having internet connectivity. What really happened is that by reimagining communication and consumer convenience, smartphones managed to create a whole new platform that service providers jumped in to leverage, benefitting all stakeholders in the ecosystem.

A similar disruption is happening in Bill Payments today. Electronic bill payments are shaping their own platform, as dramatic changes in bill payment and presentment systems are promising to revolutionize how consumers and merchants make and receive bill payments.

Platforms, like marketplaces, have innate characteristics to enhance user experience, improve efficiencies of scale, provide comprehensive fraud and risk management, and trigger innovation through secure yet open interfaces where the ecosystem can contribute. The Bill Payment platform is no exception.

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