CM September 2021

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 / September 2021 / PAGE 29