Nationwide invests in payment request service Ordo
Nationwide Building Society has announced that it has invested in Ordo, a payment request service launching later this year that connects billers to payers using apps and secure messaging, putting billers and their customers back in control of their payments.
Ordo protects businesses and their customers from invoice and payments fraud by allowing businesses to simply and securely send payment requests (known as ‘smart requests’) directly to their customers via the Ordo app. The customer is immediately notified they’ve received a smart request which they can view, and when they are ready, quickly and easily make payment through the app. Ordo uses Open Banking and Faster Payments to make the payment, bank account to bank account, meaning businesses get their money instantly and customers know where they are with their finances in real time.
Ordo’s design means that there is no need to share any bank account details between billers and customers, and the biller always gets back the reference they provided with their received payment. Ordo will also allow businesses to include an invoice attachment as part of the end-to-end encrypted message.
Ordo have applied for funding from Pool D of the Alternative Remedies Package Capability and Innovation Fund, which aims to improve the financial products and services available to UK SMEs. A successful bid will mean that Ordo can accelerate the development and roll-out of it’s financial technology to SMEs, delivering Ordo’s benefits more quickly to UK small business and their customers.