April 30, 2019
Nationwide Building Society in the U.K. has announced its investment in The Smart Request Co. (operating under the name Ordo), a service that allows bill payment through an app and secure messaging service using open banking and Faster Payments technologies.
Billers can send an invoice and smart request directly to a customer through the Ordo app; the customer can then send payment in return without having to give out bank account information.
"Ordo helps businesses get invoices paid while at the same time allowing consumers to maintain control of how and when they pay their bill," Tony Prestedge, Nationwide deputy chief executive, said in the announcement. "This seemed a natural fit for Nationwide as a brand who helps its members manage their money and who, itself, later this year is entering the business banking market to offer an alternative for small and medium-size businesses to the big banks."
Ordo officials said the company has applied for funding from Pool D of the Alternative Remedies Package Capability and Innovation Fund, which is meant to help improve services and products for SMEs. If awarded, the funding will help the company accelerate the development and rollout of its financial technology.
The leadership team at Ordo includes past members of the U.K.'s Faster Payments scheme, according to company officials.
Topics: Bill Payment, In-App Payments, Mobile Banking, Security
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