Request to Pay – Open Banking’s killer App?
Event Venue and Description – Webinar
Open Banking raises a simple question for a lot of organisations; how do I make money from this fundamental change to how people access their financial information?
Ten years ago contactless cards were being rolled out in the UK. There was a lot of interest in the idea – but there was friction in the process of adoption. Why?
Simple – if I am a shop why would I convert my tills to accept contactless cards if none of my customers have them? If I am a bank why should I issue contactless cards if no one accepts them?
There has been a bit of the same uneasiness with Open Banking – it’s an interesting idea but what can you actually do with it?
For contactless the key driver was the adoption of contactless payments on the transport network. Suddenly there was a user case which had a huge benefit to the consumer, which led to a much higher adoption by consumers, and so a driver for merchants and banks – in effect the ‘killer-app’.
So how can the problem of the ‘killer-app’ in Open Banking be solved? The answer comes in the shape of overlay services which use Open Banking to do useful things for consumers and businesses – and in particular Request to Pay.
If the drift to a cashless society was well under way before the start of this year then the current health emergency has certainly accelerated it. But the move away from cash has not resulted in an increase in take up of Direct Debit. Instead, bank transfers and card payments – which are easier to control from the point of view of a consumer on an uncertain income – have risen to prominence. The emergence of Request to Pay services is now filling a gap between the rigidity of Direct Debit, the high cost and infrastructure overhead of cards, and the unfriendliness of existing bank transfer.
This free webinar led by CGI and Ordo will look at the state of Open Banking overlay services in the UK, with a particular focus on Request to Pay. Delegate will hear a brief review of how Request to Pay works as a service, how the technology underpins it, and we will examine some use cases across a number of industry sectors.
The following areas will also be covered:
- Benefits Request to Pay brings both to the biller and to the consumer
- Obstacles to wider adoption
- Commercial models for the service to answer the question of how services such as Request to Pay can be monetised
The webinar will also outline some stories from the ‘front line’, discussing Ordo’s recent launch and adoption in the UK.
Finally, the webinar will end by considering the future of Request to Pay and its further adoption in the UK, Europe and beyond.
For further information and details of how to register, please follow the link provided.