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Fintech News for Payments professionals

CGI partners Ordo on payments service

Source: CGI

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 visibility 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. 

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