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Ordo joins Crown Commercial Service's Open Banking DPS

Tuesday 27 February 2024 09:31 CET | News

Open Banking-enabled payments services provider Ordo has joined the Crown Commercial Service's Open Banking Dynamic Purchasing System.

 

This move positions Ordo as one of the early fintech entrants into the system, making its suite of solutions, including Variable Recurring Payments (VRP), readily available for deployment by government departments and public sector entities throughout the UK. 

According to the official press release, with local councils facing mounting pressure to optimise resource utilisation, there exists a tangible demand for instantaneous and cost-effective Open Banking services. The Crown Commercial Service (CCS) is focusing its efforts on aiding the public sector in securing the maximum commercial value in procuring common goods and services. The press release further reveals that in the fiscal year 2021/22, CCS facilitated commercial benefits totalling GBP 2.8 billion, thereby improving the delivery of world-class public services at the best value for taxpayers.

 

Open Banking-enabled payments services provider Ordo has joined the Crown Commercial Service's Open Banking Dynamic Purchasing System.

 

More information about Ordo’s services 

Ordo's fully managed Open Banking services offer a secure alternative to conventional payment methods for public sector organisations. By leveraging Ordo's offerings, government bodies can limit their reliance on expensive card transactions, which often incur substantial transaction fees, resulting in potential cost savings. Additionally, through instantaneous account-to-account transfers (A2A), public sector entities can streamline payment processes, leading to enhanced transparency in fund management and operational efficiency.

This comprehensive suite of digital payment services, available for white-labelling, can be integrated through a single API interface. Its user-friendly design facilitates immediate adoption by public sector organisations, enabling the smooth initiation of both single and recurring payments.

Representatives from Ordo expressed delight in Ordo's acknowledgement as a trusted provider of Open Banking solutions for the public sector. Officials also emphasised Ordo's commitment to collaborating with public sector entities to fully leverage the latest Open Banking services to meet the evolving needs of citizens and taxpayers.

Ordo's inclusion in the CCS listing ensures unrestricted access to its extensive payments expertise and public sector experience for all government departments and organisations. With the anticipated surge in demand for Open Banking solutions from the government, Ordo is gearing up to cater to these needs and facilitate digital transformation journeys.

In February 2024, Moneyline has expanded its collaboration with Ordo to include Variable Recurring Payments (VRP), aiming to advance financial inclusion for lenders and borrowers.

According to the official press release,, Moneyline issued one of its first loans to be repaid leveraging VRP, a swift and secure method to collect recurring payments, which has decreased costs and is more manageable for collecting organisation and paying consumers. Initially, the company partnered with Ordo in 2021 for Request to Pay Open Banking services and, building on that collaboration, Moneyline now included the firm’s VRP solution, allowing loan repayment collection for both lender and borrower.


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Keywords: partnership, Open Banking, payments , payment methods
Categories: Banking & Fintech
Companies: Crown Commercial Service, Ordo
Countries: United Kingdom
This article is part of category

Banking & Fintech

Crown Commercial Service

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Ordo

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