Mastercard partnership to help UK banks accelerate Request to Pay

Mastercard is collaborating with cloud banking platform Temenos as part of plans to help banks boost their introduction of Request to Pay services in the UK.

Request to Pay is a new method for settling bills which uses a messaging service to enable billers to request payment rather than sending an invoice.

The person or business paying the bill will receive a digital request on their internet or mobile device through a banking or third-party FinTech application. The payer will then have the option to pay in full, partially pay, request more time, contact the biller, or even decline the bill.

The partnership, which is combining pre-composed solutions on the Temenos banking cloud with Mastercard services, aims to accelerate market adoption of Request to Pay.

“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,” said Frode Asheim, executive vice president, bill pay, Mastercard. “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.”

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