Solution
It is time for payment innovation
Over the last few years the global financial services industry has seen the rise of real time payments, open access APIs and innovative overlay services. CGI is, therefore, excited to be working with fintech start up Ordo. Together we have developed a new simple, swift and secure solution which provides users with greater control and transparency over how they request, send and receive payments, while increasing protection against fraud.
Ordo is a new service, that went live in March 2020, that is aimed at non-Direct Debit customers, removing friction in bill payments. It does so by allowing billers to integrate invoice generation and payment receipt, enabling them to receive money rapidly and at reduced cost. Ordo is an overlay service compliant with PSDII regulation, leveraging real-time payments infrastructure and Open Banking in the UK, Europe and beyond, providing a cost-effective alternative to more expensive card, cash and paper bill processing.
Taking advantage of the new Open Banking standards, introduced as a result of directives by the UK’s Competition and Markets Authority (CMA) but now being rolled out in multiple markets, CGI’s technology solution for Ordo also includes end to end encryption, ensuring that biller and payer information remains secure when sending a payment request or making a payment.
KEY BENEFITS
Benefits for the biller:
- Financial savings across the invoice-to-pay process
- Fraud prevention
- Better end-to-end reconciliation of invoices
- Guaranteed bill delivery to the customers (unlike paper bill)
- Early visibility of potential troubled payers
- More secure
- Opens a new communication channel
Benefits for the payer:
- In control of payment (push rather than pull)
- Fraud prevention
- Cash flow visibility & control
- Private financial transaction, more secure
- Modern digital payment method
- Easy visibility of payments
Contact Sean Devaney for more information or discuss Ordo further or find out more about CGI in Open Finance.
