Request to Pay offers many roads to innovation around Open Banking. And as true as it is, your business customers see things through a different lens. They don’t worry about payment rails and products but about getting paid instantly and securely. They worry about the time they lose matching up payments, bank statements and accounting entries. They want to offer flexibility and choice around payments to their customers not spending time away from the job on admin tasks. Anything that saves time and money will be welcomed. Late payments are an additional worry, yet so unnecessary from a technology and business point of view. Direct debits are often cancelled by the payer, when really all people want is to check and authorise payments leaving their accounts. RTP4 is perfect as it rebalances the power between seller and payer.
As a payments services provider you have invested in both Open Banking and Instant Payments. RTP4 is a fast track to a relevant and fee-based use case on top of that. Without heavy upfront investment you offer your business customers and sole traders a fintech style service through your own channel or app.
Move straight to the heart of your busy customers by giving them choice. Cut back on late payments and on cancelled direct debits. Reconcile across a set of bank accounts and any accounting package/ERP and help them create a one-to-one dialogue with their customers around payment terms and type.
No need to wait for a mere opt-in messaging scheme. Deploy a White label RTP4 solution and orchestrate a rich service of Communicate (rich dialogue between buyer and seller and bank), Choose (options for both to Payers and Payees), Collect (payments of any type) and Consolidate (auto reconcile data to any system of record).