Mastercard has announced that it will offer a Request to Pay solution in the UK.
Following accreditation from Pay.UK, the Request to Pay solution enables consumers and business to receive payment requests and view bills. It also allows them to pay with real-time payments or card.
Set to launch in Q1 2020, the Request to Pay service from Mastercard provides the UK with a secure messaging channel between billers and consumers.
For example, consumers will be able to tell billers they would like to pay in full, in part, request additional time, decline to pay or begin a dialogue.
Gregor Dobbie, CEO, Vocalink, a Mastercard company, commented: “Our Request to Pay solution is a new payment application that delivers significant benefits for all involved – consumers, businesses, and banks – providing more flexibility, speed and transparency of bill payments. It is designed to accelerate Mastercard’s strategy of offering choice to customers, digitising all forms of payments, making life simple, seamless and secure for everyone. It has the potential to change the way we settle our day to day bills.”
Mastercard customers rolling out Request to Pay
Vocalink’s Request to Pay solution in the UK is the latest addition to Mastercard’s portfolio. It supports the business’ effort to bring innovation to bill payments and aid consumers.
In addition, this latest collaboration builds on previous partnerships, such as the UK Image Clearing System (ICS) for cheques.
Business process automation firm Exela will be the first customer to utilise Mastercard’s solution and will release the functionality for its UK customers.
Vitalie Robu, President of Exela EMEA, added: “We have worked with Vocalink and now Mastercard for many years and our relationship is built on a shared spirit of innovation and partnership; leveraging our combined strengths as strategic partners, and providing mission critical services such as the UK Image Clearing System.
“We continue to innovate and change the UK payments landscape, and by offering Request to Pay to our UK customers as a Platform as a Service, we can provide a cost-effective, rapid time-to-market, scalable solution for our customers and the wider UK market.”
Exela’s customers include some of the UK’s largest Banks, Utilities, Corporates and Charities who have payment billing relationships with over half of the UK’s adult population.