The move comes from and follows Pay.UK’s launch of the Request to Pay standard.
Request to Pay enables billers to request funds rather than sending traditional invoices directly. The consumer then has the choice to pay in full or in part or request an extension. Both parties can communicate directly.
As a technical solution provider, Answer Pay helps banks and payment service providers to launch their own Request to Pay service without the technical hurdles.
Repository services are the keystone of the Request to Pay ecosystem, managing the identities of participants and securely routing bill payment messages to the correct destinations. They are the interconnection between invoice management systems, typically offered by banks and fintechs and customer bill payment applications which could be retail bank apps, digital wallets or personal finance managers.
Playing such a pivotal role in the financial ecosystem requires rigorous adherence to the standards with testing conducted by Pay.UK the retail payments authority.
Answer Pay estimates that with 55% of utility bills in the UK paid by Direct Debit, and the remainder paid by cards, cash and cheques, the Request to Pay market could equate to 1,354 million transactions a year.
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