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News

Temenos and Mastercard partner to advance Request to Pay

Tuesday 29 March 2022 15:15 CET | News

Switzerland-based cloud banking platform Temenos has partnered with Mastercard to help banks launch Request to Pay services in the UK. 

The new initiative will merge existing solutions on the Temenos Banking Cloud with Mastercard services to enable financial institutions to introduce request-to-pay services. Request to Pay allows billers to request and manage the payment of an invoice instead of simply sending an invoice. The payer receives a digital request on their web or mobile device via a bank or third-party fintech application.

The payer can then either partially or fully authorise, defer or deny a request. However, if the request is approved, a payment order is submitted for execution through a preferred channel such as the Faster Payments System. The biller can then receive the payment in real-time. With this collaboration, Temenos and Mastercard aim to accelerate market adoption and enable real-time, end-to-end processing and secure communication between buyers and payers. Request to Pay can also help reduce fraud on Authorised Push Payments (APP) due to the strict anti-money laundering and know-your-customer processes.


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Keywords: partnership, MasterCard, Request to Pay, payment processing, mobile payments
Categories: Payments & Commerce
Companies:
Countries: Switzerland
This article is part of category

Payments & Commerce

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