UK-based open banking and request to pay Fintech firm Ordo has secured £10 million in a Series A round that was reportedly led by Equinox Systems.
Established in 2018 by the former management team of the Faster Payments scheme, Ordo allows companies to request payments for single as well as recurring bills – through call centers, email, text or any other messaging platform a business uses – by facilitating open banking via the Faster Payments channels.
The investment is focused on supporting ongoing expansion efforts across a range of sectors such as credit and lending, wealth management, government, utilities, property and FX.
Along with its open banking single payments solutions, Ordo is reportedly introducing its extensive Variable Recurring Payments-powered services for lenders and other service providers.
Craig Tillotson, Ordo, stated:
“As I look to the future, both near and medium term, the case for Request to Pay and Open Banking capability has never been stronger. Ordo allows businesses to boost cash flow with instant receipt of cleared funds, and save direct and indirect costs without detriment to their customer. Open Banking is an absolute must for businesses wanting to help their cash strapped or simply more cautious customers, and trim the costs needed to match decreased consumer spending.”
As reported in January 2022, Pay360 by Capita and Ordo announced a partnership that “will integrate Ordo’s open banking platform within Pay360’s payment services solution.”
The partnership will “see the two companies facilitate payments for public sector businesses with the aim of providing the customer of a service – such as payment for local government services or social housing provision – with a frictionless payments journey.”
Together with Ordo, Pay360 will “offer ‘smart’ digital payment requests, which work by sending a link to a customer by SMS or email that enables them to make instant and secure payments with their mobile banking app, or via a website.”
The process “ensures that payment can be taken securely if customers are on inbound or outbound calls with customer service agents, who can provide support with the transaction if required.”
By integrating open banking payment methods, Pay360’s partnership with Ordo “will remove additional layers in the payment process and enable Pay360’s public sector clients to offer their customers the benefits of open banking without having to change their existing processes.”
Pay360 and Ordo are also “integrating the ability to attach invoices, bills or reminders to a payment request to further improve and simplify the customer payment process.”