Answer Pay enables European expansion with DIT funding arrangement

Tuesday 22 March 2022 09:05 CET | News

UK-based fintech Answer Pay has announced it received funding to extend its Request to Pay connectivity to European countries in SEPA.

Request to Pay (RtP) is an overlay service developed in the UK as a response to the need identified by the Payment Services Regulator. RtP underpins secure payments from mobile apps and moves the industry away from unsecured pay by link solutions that may compel payers go through fraudulent messages and fake websites.

As an independent solutions provider who offers a Pay.UK certified RtP platform service, Answer Pay plans how to build on its UK track-record and expand into Europe, at a time when the European Union is itself beginning the shift towards Request to Pay digital payment services.

Adoption of Request to Pay by European banks, billers, and consumers may bring benefits, such as its multiplicity of use cases for ecommerce in-store payments where there might be expensive card fees, e-invoice mandates to deliver bills digitally, and SEPA instant mandate in which the European Commission plans to also include mandates for Request to Pay.

Company officials said that the new investment arrangement from the DIT could not have come at a better time. They explain that Request to Pay is growing globally, not least of all in Europe where the SEPA RtP standard was launched in 2021. There are over 6,000 banks and providers across the European region now looking at other ways to serve up digital payments.

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Keywords: Request to Pay, expansion, funding, SEPA, digital payments, e-invoicing
Categories: Payments & Commerce
Countries: Europe, United Kingdom
This article is part of category

Payments & Commerce