*HotViewsExtra* A New Approach to Regular Recurring Payments

I caught up recently with the folks at Atos with the topic of our conversation the vendor’s new open banking solution, Intelligent FlexiPayments. Facilitated by its a partnership with UK fintech, The Smart Request Company (trading as Ordo), Intelligent FlexiPayments provides an alternative to the somewhat prescriptive established methods for processing regular recurring payments.

Established in 2018 by former members of the UK’s Faster Payments scheme, Ordo is an FCA regulated payments and data as a service provider that facilitates direct payment between businesses and customers in real-time. The company’s CEO Craig Tillotson, was CEO of Faster Payments between 2014 and 2018. Ordo’s technology provides a simple and secure way to collect regular payments faster than direct debit and at a lower cost than card-based payments. Meanwhile, Ordo’s technology also provides protection from payments fraud. Nationwide, the UK’s largest building society, is among Ordo’s investors.

The Intelligent FlexiPayments solution, which is initially being targeted predominantly at utility companies, uses Ordo’s cloud-native VRP solution to help reduce the burden of indebtedness, whilst improving customer safeguarding and social inclusion. Unlike traditional monthly payment structures, such as direct debit or standing order, Intelligent FlexiPayments provides those on low or irregular income with greater flexibility over their outgoings and hence better control over their finances. The approach also enables more diverse and customer-centric payment options.

Providing a distinct new addition that complements the traditional collections mix, Intelligent FlexiPayments is delivered using a variety of the public cloud services from AWS (including managed containers, database, queuing, security, and identity and access). Atos claim that in most cases the typical cost per transaction is lower than that of administering a Direct Debit and is always lower than credit card payment.

TechMarketView clients, including subscribers to HotViews Premium can learn more dy downloading A New Approach to Regular Recurring Payments. This HotViewsExtra explores how open banking has facilitated an alternative to the contraints of direct debits and standing orders and discusses the rationale and benefits of this new approach.

If you do not currently have access but would like to read this or any other of our material, please contact Deb Seth for more information.

Posted by: Jon C Davies at 07:00

Tags: payments   financial+services  

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