FusionStore - Finastra Marketplace - Answer Pay

Overview

Building Blocks

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.

Preventing Fraud

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.

General information

Commercial model

Refer

Integration

Integration coming soon

Website

https://answerpay.uk

Support

info@answerpay.uk

Data processing countries (1)

United Kingdom

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How it works

Request to Pay (RTP) is a messaging ecosystem that provides the necessary interconnecting communications required to make secure payment requests possible. It allows billers to initiate a payment request and enables customers to choose when and how they pay. RTP can be overlaid on top of existing infrastructure, saving you costs and increasing ROI. By connecting to RTP through Answer Pay, banks and other payment service providers can refocus their resources on building differentiated customer experiences in their apps.

Send

A biller digitally sends out an invoice and a request for payment using their existing payment service provider.

Receive

Payers receive their request in their payment app (e.g., mobile banking app, digital wallet). This empowers payers to aggregate requests from different billers and prioritize the most urgent, friction free.

Respond

As well as paying in full, customers can part pay and request a deadline extension, improving flexibility for payers and helping businesses to improve cash flow.

Pay

Payers control the payments app that has the payment method relevant to them. Billers get paid by bank transfer. Increasing ease of use and reducing cost.