Bankifi launches electronic invoice solution

A survey of UK businesses commissioned by the payments authority late last year suggested that many saw R2P as an opportunity to increase customer engagement, demonstrate goodwill and deepen relationships. Bankifi Mastercard declined to comment on how its service would impact corporate payments in the UK. However, just two days later fintech Bankifi launched a service called PocketCollector, which allows businesses to send invoices electronically and offers customers a payment option straight from this invoice.

As the payment details are pre-filled, a payment initiation request is initiated through open banking and the customer only needs to authorize the payment. Under the Bankifi solution, the corporate’s bank sends the customer an invoice via email secured with a one-time password rather than sending the request for payment directly to the customer’s bank.

The request to pay can be sent directly via a ‘pay’ button on the invoice and if the customer clicks this button it triggers an open banking payment initiation request to their bank.