Answer Pay - Request to Pay
The "Request to Pay” service helps keep the lights on, houses warm and families connected. We do this by providing a means for consumers to aggregate, manage, prioritize and pay their bills in a way that suits them. This is delivered via banking and payment apps ensuring end to end bank grade security. Our API based access removes the technology challenges so banks can maximize their revenue opportunity.
Our economies have been hit by 3 seismic events:
- The covid pandemic massively increased the amount of remote payments
- A cost of living crisis has making it harder than ever for customers to pay bills and businesses to grow cash flow
- A wave of Authorized Push Payment (APP) Fraud leading to increased vulnerability
Using the UK as an example, these factors combined means that the loss of just £100 to fraud means that 25% customers can’t pay their bills and they’re turning to their banks for help. If you are a bank or payment provider that wants to offer an improved cash collection service, or you want to help your retail customers have greater control in making safer payments, then Request to Pay could be the solution for you.
Impersonation fraud has increased 123% over the last year. Request to Pay eradicates this by ensuring messages are transmitted bank app to bank app as opposed to over SMS and email.
Saving Businesses Money
A recent Accenture survey found that implementing Request to Pay can save a large corporate £12M over 10 years due to lower processing costs and better reconciliation than traditional means.
Meet your regulatory requirements
E-invoicing is now mandated in a number of countries. Request to Pay supports the delivery of eInvoices directly to a bank app for convenience and security.