CI<strong>CM</strong> Resource Centre Delivering the best Resources for you and your team Member Exclusive resources Whether you’re completely new to credit management or want to take your skills to the next level, our free guides, toolkits, Serrala blogs and tips are CP designed to help you enhance your knowledge, stay informed about developments and gain advice from a range of experts. Keeping you up-to-date with: Help and Advice from our Corporate Partners Money and Debt Advice / Wellbeing / Legal Advice Log in to your members area for Member Exclusive resources For details contact: info@cicm.com Advancing the credit profession / www.cicm.com / <strong>September</strong> <strong>2021</strong> / PAGE 28
OPINION king Payment Initiation for Billers Open Banking Payment Initiation for Billers urney for You and Your Customers A Customer Journey for You and Your Customers Open Banking Payment Initiation for Billers the rigidity of Direct Debit a bad fit. owledge that Direct Debit cannot be the only easy way for people to pay their bills. People d/or low Most incomes billers – acknowledge a growing group that - Direct need Debit to manage cannot their be the finances only easy every way month, for people making to pay their bills. People with irregular and/or low incomes – a growing group - need to manage their finances every month, making the rigidity of Direct Debit a bad fit. A Customer Journey for You and Your Customers. re offer cards and wallets as online at hundreds of billers in over 20 countries for bill payment, Billers might therefore offer cards and wallets as online at hundreds of billers in over 20 countries for bill payment, their portal. Those however are very dunning, collection and more. That experience also leads payment methods in their portal. Those AUTHOR however – Jeroen are Dekker, very Solution dunning, Architect EBPP collection & RTP, and Serrala more. That experience also leads mplex reconciliation and let customers me to the organisational dimension. expensive, require complex reconciliation and let customers me to the organisational dimension. . Gateways, reverse processors, MOST transactions. acquirers, Gateways, and billers acknowledge all got along rich that inserting Direct themselves along processors, acquirers, and l got rich consumer inserting brands themselves ute for payments: the most obvious from the route Debit consumer’s for cannot payments: be the from the consumer’s tly into the only easy way for bank biller’s account bank directly account. into the biller’s bank account. people to pay their bills. People with rect route irregular Until required recently, and/or consumers that low direct incomes route to set – a required growing consumers to set ratch in group their a transfer – own need banking from to manage scratch app. their Finding their finances own banking app. Finding nt details every and from copying month, a sheet making payment of paper the details rigidity or a from PDF of Direct a sheet of paper or a PDF far from Debit makes easy: a a bad this chore fit. exercise to procrastinate far from easy: a chore to procrastinate Billers might therefore offer cards eover, people and then can forget. make Moreover, mistakes, people causountinging can make mistakes, caus- and wallets as online payment methods in negative exceptions their portal. customer in accounting, Those however contacts, negative are or customer contacts, or very ension expensive, even of service. unjustified require suspension complex reconciliation of service. and let customers reverse transactions. Gateways, Crossing the processors, Chasm: Payment acquirers, Initiation and : Payment Initiation consumer A better way brands has reached all got rich the UK inserting through Open Banking. ched the themselves UK through along Open the most Banking. The banks have published obvious APIs for route third parties to – with the lished APIs for payments: for third parties from the to consumer’s – with the consumer’s consent – push the details bank of a payment straight – push the account directly into the biller’s bank into details the consumer’s of a payment chosen straight bank app for authorisation, chosen account. eliminating bank app for Until recently, the authorisation, manual that direct retyping. route required This makes payment easy ual retyping. consumers for the This consumer. makes payment to set The up result easy a transfer is a UK from Faster Payment: cheap e result scratch (fixed is a UK fee), in Faster their real-time, own Payment: banking final, accurate, cheap app. Finding and a direct 1:1 pay-out A sample Payment Request page hosting UK Payment Initiation final, accurate, and that automatically copying and a direct payment matches 1:1 pay-out details the corresponding from a A sample open Payment item. Request page hosting UK Payment Initiation atches the sheet corresponding of paper a open PDF item. makes this Starting the Journey exercise The concept far is from long proven: easy: a pushing chore people to Starting to their procrastinate and then forget. Moreover, THE GREAT bank Journey Payment interactions touch finance, security, compliance, ENABLER: STARTING THE JOURNEY proven: app people pushing to authorise can people a make to payment their mistakes, bank is common causing Payment to PAYMENT payment interactions methods is common like iDEAL in to (the payment accounting, Netherlands), meth- negative EPS (Austria) IT, privacy, But wait, and customer POLi you might experience, say: do people we begin, don’t communications… who pay owns security, it, how where compliance, do we make it IT, work with privacy, our REQUESTS touch IT, privacy, finance, customer security, Payment experience, compliance, interactions communications… touch finance, where ayment exceptions etherlands), customer (Australia). EPS contacts, (Austria) or and even POLi unjustified do bills we begin, or reminders who owns in a web processes, it, how shop. do We educate we need make our customer it work customers? with experience, our Having communications… crossed these suspension of service. processes, to reach and educate ask them our to customers? hurdles pay this many bill, Having that times, where recent crossed do conversations these we begin, who with owns UK billers it, how The Great Enabler: Payment Requests reminder, or a promise-to-pay. How hurdles do we make work with our processes, CROSSING THE CHASM: we ask many and enable times, recent looking such payment? conversations to adopt Payment From with UK Initiation billers surfaced a tendency to But wait, you might say: people don’t pay bills or reminders in fear the leap. “Take a educate step back, our rethink customers? our customer Having crossed journeys, assess the IT side these of things… hurdles there many shall be times, an Internal recent Payment PAYMENT Requests INITIATION looking paper, to email, adopt SMS, Payment WhatsApp, Initiation our portal, surfaced a tendency to a web shop. We need to reach and ask them to pay this bill, say: people A better don’t way pay has bills reached or reminders the UK through in fear our the mobile leap. “Take app? a How step do back, we introduce rethink our conversations customer journeys, this that reminder, or a promise-to-pay. How do with UK billers looking d to reach Open and Banking. ask them The to banks pay have this published bill, we assess alongside ask and enable such for payment? third parties From to paper, – with email, the SMS, do WhatsApp, we connect our this from affects our billing two keystones and of any business: customers and cash. the IT cards side and Project.” of things… wallets? All valid there How thoughts, as introducing this innovation shall be adopt an Internal Payment Initiation surfaced a APIs romise-to-pay. How do we ask and enarom paper, back, rethink our customer journeys, Project.” All valid thoughts, as introducing this tendency innovation to fear the leap. “Take a step consumer’s portal, our mobile consent app? – push How the do details we introduce of collections this alongside systems? But why reinvent the wheel yourself? A specialised vendor a cards payment email, and wallets? SMS, straight WhatsApp, How into do the we consumer’s our connect affects this from The two technical our keystones billing answer of brings to any these business: more questions than customers software: it and can cash. provide practical implementation a webpage yourself? expertise for A a specialised vendor p? How assess the IT side of things…there shall chosen and do collections we introduce bank app systems? this for alongside authorisation, But is why the reinvent Payment the Request: wheel be to an expedite Internal your Project.” journey All valid from thoughts, blank ow do we eliminating connect the this manual from our retyping. billing This brings specific more payment than software: with the slate details it to can pre-filled. live provide use cases. practical implementation is the Payment expertise Re- to expedite benefits of your Payment journey makes payment easy for consumer. Its unique URL can appear as a button, introducing Give them a this seat innovation at your table: affects the two ms? The technical answer to these questions The result is a UK Faster Payment: link or QR code in any communication keystones Initiation from blank of await. any business: customers and quest: a webpage for a specific payment slate with to the live details use cases. prefilled. questions a direct Its unique 1:1 is pay-out URL the Payment can that appear automatically Re- as a button, benefits hosts link of Payment or Payment QR code Initiation, Initiation by await. itself or But why reinvent the wheel yourself? Give them a seat at your cheap (fixed fee), real-time, final, accurate, channel. That biller-branded page then cash. table: the r to these and r a specific matches in any payment communication the corresponding with the details channel. open precan appear then The hosts as concept a button, Payment is long link Initiation, or proven: QR code by pushing itself or alongside implemented cards its Payment Requests at Jeroen than Dekker software: it can provide practical item. That biller-branded alongside page cards and wallets. Serrala has A specialised vendor brings more people to their bank app to authorise a hundreds of billers in over 20 countries implementation expertise to expedite on channel. and That wallets. biller-branded Serrala has implemented page its Payment Requests Senior Solution Architect | Serrala payment is common to payment methods for bill payment, dunning, collection and your journey from blank slate to live use Initiation, by itself or alongside cards Jeroen Dekker like iDEAL (the Netherlands), EPS (Austria) more. That experience also leads me to cases. Give them a seat at your table: the as implemented and POLi (Australia). its Payment Requests Senior Solution Architect | Serrala the organisational dimension. benefits of Payment Initiation await. Learn how you can transform how customers pay you – Scan the QR code or drop us “Take an email a step at: contact@serrala.com back, rethink our customer journeys, assess the arn how you can transform www2.serrala.com/ebpp-rtp-cicm-printarticle IT side how customers of things…there pay you shall – Scan be an the Internal QR code Project.” or drop an email at: contact@serrala.com w2.serrala.com/ebpp-rtp-cicm-printarticle Advancing the credit profession / www.cicm.com / <strong>September</strong> <strong>2021</strong> / PAGE 29
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