Cloud banking platform Temenos announced a collaboration with Mastercard that will help banks to accelerate their introduction of Request to Pay services in the UK.

This new initiative combines pre-composed solutions on the Temenos Banking Cloud with Mastercard’s services, making it easier, faster and cheaper for financial institutions to introduce Request to Pay services.

Request to Pay enables billers to dynamically request and manage the payment for a bill rather than simply sending an invoice.

The payer receives a curated digital request on their internet or mobile device through a banking or third-party fintech application.

The payer can either partially or fully approve, defer, or even reject the request, enabling them to manage their bill payments better.

However, if approved, a payment order will be submitted for execution within the bank via a preferred route, including through the Faster Payments system, allowing the biller to receive funds in real-time.

While Request to Pay has enormous potential to transform the payments landscape, it is still at an early phase of its rollout and reach.

With this collaboration, Temenos and Mastercard aim to accelerate market adoption, enabling complete end-to-end, real-time processing and secure and successful communication between buyers and payers.

Mick Fennell, Business Line Director, Temenos Payments said,

“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.”

Frode Asheim, EVP, Bill Pay, Mastercard, added:

“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 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.”