Cloud banking platform Temenos has forged an alliance with Mastercard to help banks to boost the rollout of Request to Pay services in the UK.
The initiative will combine pre-composed solutions on the Temenos Banking Cloud with Mastercard service to make it easier for financial institutions to launch Request to Pay services.
Request to Pay allows billers to request and manage the payment for a bill, instead of sending an invoice to the users, and receive funds in real-time.
The payer, who will receive the request for payment on their internet or mobile device through a banking or third-party fintech application, can partially or fully approve, defer, or even reject the request.
If approved, a payment order will be submitted for execution within the bank through a preferred route, such as Faster Payments system.
The serviceis currently said to be at an initial phase of its rollout and reach.
Temenos and Mastercard intend to speed up the market adoption of the service by enabling end-to-end, real-time processing and secure communication between buyers and payers.
Temenos Payments Business Line director Mick Fennell said: “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.”
In April last year, Mastercard launched its Request to Pay end-user application in the UK. This solution was designed to build and enrol end-user applications, such as a mobile app for consumers or a corporate IT system.
Mastercard Bill Pay executive vice-president Frode Asheim said: “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.”