Mastercard has rolled out an end-user application for the UK's Requst to Pay framework using standards developed by Pay.UK
The messaging service enables billers to directly request funds rather than sending traditional invoices. For each request, receivers are asked whether they would like to pay in full or in part, request an extension, communicate directly with the biller, or decline to pay.
Accredited as both an application and repository service provider, Mastercard’s platform now builds and enrols end user applications, such as a mobile app for consumers or a corporate IT system. These are necessary to create, send, view, and respond to ‘Requests to Pay’ for billers and payers, while also building in message repositories - the secure message storing and routing component.
People are able to communicate directly with their biller, using an in-app chat feature, to query an unusual or unexpected bill before the payment is made, or make alternative payment arrangements.
Andrew Buckley, EVP, product management at Mastercard, says the service will enable institutions to offer an end user application at a lower cost than if they developed it themselves.
"This extension to our Request to Pay offering provides our partners with a way to accelerate the launch of their own tailored solutions ensuring that they stand out in the sector while being able to benefit from increased customer engagement and additional revenue streams,” he says.