Answer Pay has launched the UK’s first certified repository, creating a significant step in enabling Request to Pay services.
Banks and payment service providers are set to be the main benefactors from the announcement which follows Pay.UK’s launch of the Request to Pay standard, a new service enabling 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.
Answer Pay will now help banks and payment services launch their own Request to Pay service without the technical hurdles, offering a flexible, low-cost solution to bill payments.
Peter Cornforth, commercial director at Answer Pay stated: “The launch of Answer Pay’s repository is a significant step in the development of the Pay.UK ecosystem. We’re able to support payment services providers with our Request to Pay+ services through a simple integration. We’re proud to be the first certified repository provider. It’s the innovation on top of the standard to fully automate the processes that make us unique and helps make bill payments cheaper.”
Answer Pay has estimated 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 an estimated 1.35 billion transactions a year.
The Request to Pay ecosystem heavily relies on repository services, managing the identities of participants whilst also securely routing bill payment messages to the correct destinations. The services are the link 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.
Rigorous testing is conducted by Pay.UK to ensure that the systems adhere to financial standards to ensure that its ecosystem remains stable.
Simon Brooks, service line manager at Pay.UK added: “Answer Pay was one of the organisations that helped us to complete the RtP pilot of the standard last year, so we’re delighted to see them also become the first certified technical repository provider. Adoption of Request to Pay will see a change in the way people receive their bills, giving consumers more choice and providing billers with enhanced reconciliation. As such, we’re very keen to see our standard for the RtP Framework adopted.”
