CGI is working with fintech start-up Ordo to develop a service that will provide users with greater control and transparency over how they request, send and receive payments, while increasing protection against fraud.
Ordo recently secured investment from Nationwide, through the Building Society’s £50 million venture fund that targets promising fintech startups.
Ordo’s service will remove friction in bill payments by allowing billers to receive money immediately through electronic invoice. It will particularly benefit those with a non-direct debit customer base, providing an alternative to card and paper bill processing.
The online platform built for Ordo by CGI is intended to allow billers to enter into a dialogue with customers. Options for the biller to allow for part payments or deferred payments will create flexibility on both sides, with billers able to avoid cash flow issues caused by late payments, and customers able to have greater control over their transactions.
Leveraging new Open Banking payments standards introduced as a result of directives by the UK’s Competition and Markets Authority, CGI’s technology solution for Ordo will also include end-to-end encryption, so that no secure information is shared when sending a payment request or making a payment. Ordo launches before the end of this year and will be rolled out across B2B, B2C, and P2P markets.