Payment Request & Payment Initiation - A Perfect Match for Billers
How Payment Requests make PSD2 Payment Initiation good enough to transform bill pay
Paper invoices, email attachments, direct debits are still widely used by billers to get paid by their customers. This typically requires typing bank transfers from scratch, which can cause delays and errors in the transfers. Digitized Requests to Pay (RTP) have already opened up new payment methods enabling invoice details to be sent via text messages, chats, emails. The onset of PSD2 and open banking take consumer payments to an entirely new level. Combining payment requests with PSD2 payment initiation lets consumers authorize payments directly from their bank accounts which is faster, easier, cheaper.
Explore in this whitepaper how billers like insurance, utilities, telecom and lending can benefit from this combination in practice.
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