Through this collaboration, Eviden, Ordo, and ByzGen introduced a flexible payment solution that focuses on offering organisations, including utility providers, an optimised and secure method to collect regular bill payments faster and at a decreased cost compared to direct and card-based payments, respectively. Additionally, as an alternative to card-on-file instructions for bill payments, the solution allows consumers to benefit from secure and affordable payment options while supporting businesses in minimising costs, optimising cash flow, and simplifying operations.
The announcement comes just a few days after Ordo chose Charity Finance Group (CFG) as a corporate partner, with the move intending to optimise how donations were made by utilising Open Banking technology to scale access to donations and increase the funds reaching charitable causes. Also, this collaboration was set to support Ordo in providing charities with the ability to leverage features like QR code donations, enabling donors to make secure and direct contributions from their bank accounts.
The platform created as part of the alliance between Eviden, Ordo, and ByzGen utilises Ordo’s Variable Recurring Payments (VRP) solution to enable customers to authorise payments directly from their bank accounts to businesses recurringly. Even if VRPs are not new, their application in the UK is set to be just now supported for particular use cases, including recurring bills and subscription payments. At the same time, the expansion of VRPs is projected to reach full-scale implementation in the UK in 2025, with Eviden’s Open Banking solution being then extended to full deployment with customers.
Moreover, the system focuses on monitoring customers’ finances via a regulated consented sign-up process supervised by the Financial Conduct Authority (FCA) and leverages AI to proactively identify, assist, and guide users with customised payment plans. Afterwards, the tool allows payments based on each customer’s financial situation, instead of adhering to a fixed date, enabling contributions from several funding sources to scale affordability and protect individuals from financial strain. Through this flexibility, utility companies, local authorities, and social housing providers can better accommodate customers’ financial circumstances while also staying away from chasing failed direct debits.
Additionally, Eviden’s AI platform monitors the bank account data of a customer and makes recommendations on the most suitable payment frequency during any given month. Through this, customers can make one or multiple monthly payments and stay on top of their bills. Besides this, the system encourages proactivity to bill settlement and minimises the risk of arrears by offering the option of multiple payments when customers have the available funds.
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