Louise Shorthouse

Senior Payments Consultant at Icon Solutions

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Banking Architecture

Request to Pay: What is it and how close is the industry to adoption?

22 Mar 2022

The concept of Request to Pay is simple. By enabling a secure messaging channel between biller and payer, it allows the biller to initiate a transaction and the payer to choose when – and how much – they pay. This is unlocking new flexible ways for money to move between people, organisations and businesses. But despite this undoubted potential, th...

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Request to Pay: What is it and how close is the industry to adoption?

Good question Melvin. The main difference is the control it gives the customer - because there is a dialogue between the corporate and the customer, the customer will firstly be aware of the changes before the payment is taken and be able to query those changes. And if necessary, agree to pay at a later date in order to better manage their finances. In additiona, as the invoice can travel with the payment request, they will be able to understand the breakdown of costs and the reasons their bill this month might be higher or lower.

23 Mar 2022 Reply Read article