Truist Completes Initial Test of Alias-Based Bill Payment Solution

Truist completed the initial testing phase of an alias-based bill payment solution that uses The Clearing House’s RTP® network and Request for Payment (RfP) platform.

The internal pilot — which included Truist’s credit card division and employee volunteers — made Truist the first financial institution to send and receive alias-based RfPs for transactions and deliver the corresponding real-time payment and settlement via the RTP system, the bank said in a Friday (April 25) press release.

Use of the alias provides enhanced data security by eliminating the need to provide bank account details, the release said.

“Truist is leveraging modern, scalable technology to push the boundaries of what’s possible in digital payments,” Truist Head of Enterprise Payments Chris Ward said in the release.

The solution will enable businesses to offer bill payments that are faster, simpler, more secure and cost-effective, according to the release. Billers will benefit from immediate payment validation, accelerated cash flow, streamlined data management, enhanced data security and the reduced operational costs of electronic bill presentment.

For consumers, the solution will provide faster processing, easy account monitoring, tokenized fraud protection, and greater control and transparency, the release said. They will receive confirmation when their payment has been received and when it has been applied.

It will also provide billers and consumers with a streamlined payment process by using previously enrolled U.S. mobile and email tokens, per the release.

“Our RTP network integration provides unmatched speed, simplicity and safety,” Ward said in the release. “This breakthrough will deliver fast, seamless and fully secure bill payments with instant settlement, as well as real-time confirmation, ensuring immediate financial clarity for businesses and consumers.”

Nearly all banks report pressure to adopt instant payments coming from their client base, spanning retail banking customers and commercial banking customers, according to the PYMNTS Intelligence report “Pivotal Moment: Banks’ Real-Time Payments Opportunity in 2025.”

The report found that instant payments streamline operations, reduce processing times and mitigate delayed payments risks. It also found that between 70% and 80% of all financial institutions are expected to be able to receive instant payments by 2028.