Request-to-Pay

A Fortune 500 Insurance Group Simplified and Streamlined its Payment Processing with Exela

Person capturing a check on their mobile device

By adopting Exela Technologies' mobile-first financial platform, the customer streamlined payment processing, significantly reduced banking charges, enhanced agent user experience, and improved financial management and reporting.

CHALLENGE

The customer was encountering several challenges associated with depository services for policy and premium payments. Firstly, they were grappling with escalating bank fees. Secondly, their agents were confined to manual check deposits, which was a time-consuming and costly process. Additionally, it was challenging to reduce the number of banking relationships due to the reliance on manual check deposits. Lastly, there was a need for a single, comprehensive solution capable of processing and depositing checks, cards, and cash payments. This would streamline the manual process, lower processing fees, and enhance analytical capabilities.

SOLUTION

To address these challenges, the customer selected a robust, mobile-first financial technology platform provided by Exela Technologies. This platform could support all 14,000 agents and process over 2,000,000 check deposits made annually. Additionally, this cross-platform mobile payment application was compatible with iOS and Android operating systems and could easily be integrated with any existing technology and workflows. Exela's ongoing commitment to innovation also promised upcoming process enhancements, including Host System Integration, Additional Payment Method Support, and Policy and Administrative functions.

BENEFITS

- Significant reduction of banking charges realized by eliminating manual deposit fees
- Reduction of time and effort required to deposit funds from hours to seconds
- Streamlined administrative processes as transactions were automatically processed and made easily trackable
- Reduced DSO unlocked value in Accounts Receivable
- Enhanced agent user experience for check depositing, which complemented an overall corporate digital transformation strategy
- Enhanced structure for the Treasury Department to manage financial forecasting and reporting

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Order-to-Cash

Request-to-Pay

How Request to Pay Improves the Bill Payment Process

Matt Tarpey

Wed, 05/12/2021 - 12:00

#RtP #RequestToPay #Payments

Every year, our reliance on technology grows. Software, automation, and instant gratification at the click of a button have become the norm, and many of our brightest minds work to innovate and create new technology that meets and exceeds our expectations.

While it may not be the most exciting technology sector for some, modern payment architecture is being shaped by these same forces. New mobile and desktop applications through banks and service providers make it possible to transfer money at the click of a button. And during the COVID-19 pandemic, the virtual exchange of money took on a greater purpose -- helping us avoid unnecessary in-person contact.

Payment innovation is an essential driver of digital transformation in banking and financial services. One of the latest developments with a potentially massive impact is the introduction of Request to Pay (RtP) services.

Request to Pay: What is it?

Request to Pay software places emphasis on communication and transactional efficiency for both payor and payee. According to Pay. UK’s official RtP website, the service is meant to overlay on top of existing payments infrastructure and can serve to help businesses and organizations handle bill payments, as well as settle bills between friends. The unique feature RtP brings to the table is allowing the payor to communicate with the payee even before the bill payment. The US and India have similar services, often called Request for Payment and UPI payments, all of which are changing the payments industry and placing an emphasis on interoperable payment systems. The Request to Pay ecosystem consists of three parts, the Biller portal (or the payee side), the central repository managed by accredited financial institutions and the payor app. It works on the principles of Open Banking, which means different financial institutions, billers, and payor apps on the RtP system can interoperate creating an open, flexible network that benefits all.

What does this mean for businesses?

This past year has been defined by change, due in no small part to the global impact of the COVID-19 pandemic. In the face of stay at home orders and social distancing guidelines, unprecedented emphasis was put on digital solutions that could empower newly remote workforces and help organizations strive to continue operating at full capacity. By adding a level of communication between payor and payee, Request to Pay provides full visibility into the audit trail and helps to avoid issues brought upon by a lack of communication during the process.

This offers a number of benefits for businesses. First, Request to Pay can speed up transactions - always a goal in today’s fast-paced world of instant gratification. It also provides greater visibility and transparency for all parties, offering insight into where bottlenecks are occurring, and helping to minimize errors in the process. For example the payee or the biller has better visibility on the payment behaviour of each payor, giving them a chance to send reminders to the later payors, provide a payment plan to those with financial shortfall, or offer rewards or incentives to those who always pay on time. For the payor too, it is possible to see all the invoices in one app making it easy to have more control over their finances.

Perhaps most importantly, Request to Pay offers potentially enormous cost savings. The time and effort businesses spend chasing down late payments, tracking a payment lost in the midst of the billing process, and sending follow-up statements isn’t often top of mind, but these costs can add up quickly. The communication enabled by RtP is designed to significantly reduce this spend.

Request to Pay will also help realize some of the potential benefits of other payments technologies, like electronic invoicing. Unlike the many “closed” networks that are currently unable (or unwilling, due to lack of incentive) to interface with other competing network, creating a siloed and disjointed payments infrastructure, RtP will allow everyone to exchange data and communicate - much like email users can send and receive emails from people using entirely separate email services.

Why should you care about Request to Pay?

Adding touchpoints and communications to payments software takes greater advantage of the influx of connected devices to increase efficiency and provide better service to clients and customers. Request to Pay is one way that the payments ecosystem is adapting to new demand. It is an agnostic solution with use-cases spanning across industries such as utilities, government or federal businesses, insurance, telecom, and more.

RtP adds to the ever-increasing stable of software solutions that are updating and optimizing previously manual business processes through automation. In this case, providing instant payment requests, communication, and visibility of the process brings the speed and efficiency of payment processing to a new level. Digital transformation is taking place in all parts of business, and RtP is a great example of how it’s being done in the UK’s financial services industry.

Learn more about Exela’s Request to Pay solution.

Request-to-Pay

Request to Pay

Streamlining Payment Processes for Enhanced Efficiency and Liquidity Management

Exela’s Request to Pay (RtP) is a groundbreaking, innovative payment solution designed to optimize payment processing for organizations of all types, from small businesses to large enterprises and NGOs. By providing end-to-end audit trails for billers and fostering two-way communication throughout the process, RtP not only eliminates the need for tedious manual processes but also ensures swift payment requests and enhanced communication avenues.

With its trifecta of a biller portal, secure repositories, and a payer app, this solution promises quicker payments, insightful historical data, and the potential to drastically improve cash flow, giving businesses an edge in liquidity management.

Efficient Cost Management

By eliminating the costs of paper trails and multiple systems, RtP consolidates all payment processes. This integration ensures a significant reduction in errors and accelerates transactions. Businesses gain exceptional control over payment collections, enhancing efficiency.

Insightful Data Analytics

RtP meticulously logs every transaction and response, building a comprehensive data repository over time. This treasure trove of data reveals invaluable insights into payer behaviors, from punctual payments to occasional defaults. Armed with this knowledge, businesses can strategize more effectively and ensure optimal liquidity management.

Transparent Communication Channels

RtP stands out with its secure messaging platform, allowing for private and transparent conversations between the payer and the biller. This feature not only ensures clear communication but also provides flexibility in bill settlements. By mitigating potential misunderstandings, it transforms the essence of bill payments.

Robust Security Measures

Exela’s RtP solution employs top-tier security features including state-of-the-art data encryption and GDPR compliance. Secure channels protect every transmission, while stringent access management confirms that only authorized users can access crucial data. Trust in RtP for a secure, uncompromised payment experience.

Seamless Transaction Flow

Through the portal, billers easily dispatch invoices, ensuring they reach payers across any compatible network. On receipt, payers using the dedicated app have the flexibility to initiate payments or engage in direct communication with billers. The entire process is designed for ease and efficiency.