What is Request to Pay? Request to Pay, a modern, secure payments messaging service from Pay.UK was created to help manage and settle bills with efficiency and transparency. This new service, which is a value-add for instant payments, helps facilitate ease of doing business by removing any ambiguity around a transaction’s life cycle and allowing for more detailed remittance information.
What are some of the benefits to my business? The quality of the information exchanged during requests for payment greatly increases security and reduces fraud. Requests can include invoices and extended remittance information that help the payer positively identify the biller to verify authenticity. And by automating much of the authentication process, there’s a substantial reduction in the need for manual intervention and reconciliation.
What are some of the benefits to my customers? For one, it greatly improves user experience. Request to Pay delivers a platform that opens up communication between biller and payee, and allows for more flexibility in payment schedules and installments. Users have the ability to easily manage all their bills in one place, and, unlike direct debits, can make full or partial payments on the fly without the cumbersome burden of setting them up ahead of time.
What People Are Saying...
Request to Pay represents a crucial step in unlocking the full potential of instant payments. By giving beneficiaries the power to instigate a transaction while keeping full control of payments initiation in the hand of the sender, RtP will give banks a vital tool that will help move instant payments beyond P2P. Billers, insurance companies, merchants, e-commerce providers, and consumers will all benefit from greater transparency and automated reconciliation of transactions. As digital commerce continues to evolve, RtP will help ensure security and convenience in the payments ecosystem.
Learn how Volante's Request to Pay solution can help your organisation.