Mastercard and Temenos join forces to accelerate Request to Pay in UK
Cloud banking platform Temenos has partnered with Mastercard to accelerate the adoption of ‘Request to Pay’ services in the UK.
The collaboration aims to make it easier for financial institutions to introduce Request to Pay services for their customers, by combining pre-composed solutions on the Temenos Banking Cloud with market-certified Mastercard services.
Mastercard and Temenos said their collaboration aims to accelerate market adoption, enabling complete end-to-end, real-time processing, and secure and successful communication between buyers and payers, given the “enormous potential” that Request to Pay has “to transform the payments landscape”.
Mick Fennell, business line director at 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.”
Mastercard’s recent State of Pay report found one in 10 people in the UK often forget to pay their bills, while nearly one in five say they do not feel in control of the outgoings from their accounts.
Request to Pay is a “digital request” received by the payer on their mobile device, usually on a banking app or third-party fintech app, which the payer then either approves or rejects, and, if approved, automatically initiates a real-time credit transfer to the payee.
Frode Asheim, EVP, bill pay at 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.”
In February this year, Mastercard announced the creation of a new program that enables banks, fintechs and system integrators to embed end-to-end real-time payments into their customer journeys using Mastercard Send. Adyen, Checkout.com and PayPal were among the first 16 technology partners to join the program.