The collaboration will accelerate the introduction of Request to Pay services in the UK.
Request to Pay enables efficient management of bill payments.
Temenos noted that the new initiative will allow the cheaper, faster and easier introduction of Request to Pay services. Leading financial institutions will be able to launch Request to Pay services at scale. In addition, the cloud banking services provider highlighted the growing need for efficient Request to Pay products in the UK.
Mastercards recent State of Pay report shows that almost 10% of people in the UK forget to pay their bills. The new initiative will facilitate people with more options and flexibility to settle bills.
“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,” Mick Fennell, Business Line Director at Temenos Payments, commented.
Bill Payments
Frode Asheim, EVP, Bill Pay at Mastercard, believes that the bill payments have changed significantly in the past few years. With the emergence of digital tools, users now prefer flexibility in payment options. Asheim said that the companys Request to Pay solution will provide convenient and flexible options to consumers.
“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 FIs is essential to the success of Request to Pay, and by working with partners like Temenos, we can accelerate adoption in the market,” Asheim commented.
