Temenos, a cloud banking platform, declared a partnership with Mastercard, a global payment solution provider, to enable banks to hasten the launch of Request to Pay services in the UK. The collaboration merges pre-composed solutions of Temenos Banking Cloud with Mastercard’s services, which are simple, convenient, and economical for other financial institutions.
Rather than sending an invoice, billers can use Request to Pay to automatically request and handle payment for a bill. On their computer or mobile device, the payer receives a crafted digital request from a bank or third-party FinTech application. The payer can approve, defer, or even reject the application in part or in full, allowing them to better manage their bill payments. If accepted, a payment order will be submitted to the bank for execution via a preferred method, such as the faster payments system, which will allow the biller to receive funds in real-time.
Financial institutions like Request to Pay because it puts them in control of the bill-paying process, improving consumer engagement and allowing them to stand out from the competition. It enables their biller clients to communicate with payers more securely, resulting in faster payment receipt, improved payment reconciliation, and a reduction in arrears and associated costs. Due to the strong Anti-Money Laundering and Know Your Customer policies in place across the ecosystem, Request to Pay can also assist in preventing Authorized Push Payment (APP) fraud for both financial institutions and payors.
Mick Fennell, Business Line Director, Temenos Payments, stated, “The race is now on to take advantage of Request to Pay driven market opportunities, where both billers and payers demand easy to use solutions embedded into the service offerings from their banks. Working with Mastercard, the Temenos Request to Pay solution will enable banks to quickly seize and develop these opportunities, building a competitive edge in fulfilling market demand for efficient, reliable, and cost-effective execution of the service.”
Frode Asheim, EVP, Bill Pay, Mastercard, stated, “When paying bills, people value choice, control and flexibility with the added convenience of having all their bills in one place for a smooth day-to-day money management experience. Our innovative Request to Pay solution addresses these needs from consumers while at the same time providing additional benefits for billers and financial institutions. The participation of banks and other FI’s is essential to the success of Request to Pay, and by working with partners like Temenos, we can accelerate adoption in the market.”
