CGI (NYSE: GIB) (TSX: GIB.A) is working with fintech start-up Ordo to develop a new simple, swift and secure service which will provide users with greater control and transparency over how they request, send and receive payments, while increasing protection against fraud. Ordo recently secured investment from Nationwide, through the Building Society’s £50 million venture fund which targets promising fintech startups.
Ordo’s service will remove friction in bill payments by allowing billers to receive money immediately through electronic invoice. It will particularly benefit those with a non-direct debit customer base, providing a cost-effective alternative to expensive card and paper bill processing.
The leading edge online platform built for Ordo by CGI is intended to allow billers to enter into a dialogue with customers. Options for the biller to allow for part payments or deferred payments will create flexibility on both sides, with billers able to avoid cash flow issues caused by late payments, and customers able to have greater control over their transactions.
Leveraging new Open Banking payments standards introduced as a result of directives by the UK’s Competition and Markets Authority, CGI’s technology solution for Ordo will also include end to end encryption, so that no secure information is shared when sending a payment request or making a payment. This in turn will make transactions safer and increase user protection against authorised push payment fraud.
Neil Sadler, Senior Vice President, UK Financial Services at CGI, commented: “CGI is excited to be working with Ordo to change the face of payments for businesses and consumers. The removal of friction in the billing process will not only allow billers to make financial savings, but will also allow for greater cash flow visability and control for customers, all in a more secure environment. As Open Banking develops we’re pleased to be at the forefront of this, supporting businesses like Ordo in bringing new services into the market.”
Craig Tillotson, CEO and co-founder of Ordo, commented: “We’re delighted to be partnering with CGI on the development of Ordo. With CGI’s knowledge and expertise in modernising payments systems, we’re confident we can deliver a service which significantly improves the financial lives and wellbeing of people and businesses. We’re thrilled to be working with a company which shares this vision also.”
Ordo launches before the end of this year and will be rolled out across B2C, B2B and P2P markets.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With approximately 77,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from IT and business consulting to systems integration, outsourcing services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2018 reported revenue of C$11.5 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.
About Ordo
Ordo is the trading name of The Smart Request Company Ltd, a FinTech established in 2018 to bring to market a secure messaging and request for payment solution. Ordo and Ordopay are trademarks of The Smart Request Company Ltd.
Ordo’s Purpose is to improve the financial wellbeing of SMEs, consumers, public, private and third sector organisations by helping everyone be more in control of their money coming in, and bills and expenses going out. It enables: payers to simply, swiftly and securely see what they’re being asked to pay, trust who’s asking, and choose when to pay; billers to simply, securely, and cost effectively send the information their customers need, without sharing private financial information; and billers to understand the status of their bills and payments, with their money going straight into their account, cost-effectively and instantly.
Ordo have applied for funding from Pool D of the Alternative Remedies Package Capability and Innovation Fund, which aims to improve the financial products and services available to UK SMEs. A successful bid will mean that Ordo can accelerate the development and roll-out of it’s financial technology to SMEs, delivering Ordo’s benefits more quickly to UK small businesses and their customers. For more information go to www.ordopay.com or email press@ordopay.com
For more information:
Paul Butler
External Communications Manager
p.butler@cgi.com
+44 (0)7920 784199
