Eviden and Ordo Launch Open Banking Solution to Revolutionize Bill Payments

Intelligent, FCA-regulated payment platform providing a lower cost alternative to Direct Debit and Standard Credit.

London, UK– December 12, 2024 – Eviden, the Atos Group business leading in digital, cloud, big data and security, fintech innovator Ordo and blockchain company, ByzGen today announce the pilot launch of a new open banking solution to facilitate direct payments between businesses and customers in real-time.

The intelligent flexi-payment solution offers organizations such as utility providers a simple and secure way to collect regular bill payments faster than direct debit and at a lower cost than card-based payments. Providing a flexible alternative to card-on-file instructions for bill payments, the solution empowers consumers with secure, and affordable payment options while helping businesses reduce costs, improve cash flow, and streamline operations.

Open banking sets a new standard for payment management in the utilities sector

The first of its kind platform uses Ordo’s disruptive Variable Recurring Payments (VRP) solution (powered by Open Banking) to allow customers to authorize payments directly from their bank accounts to businesses on a recurring basis. VRPs are not entirely new, but their application in the UK will be newly allowed for certain use cases, such as recurring bills or subscription payments.

“Open banking-powered solutions offer a lower cost-per-transaction to process than cards and automate account reconciliations to reduce administration costs. For large providers, the reduction in transaction fees alone will lead to millions of pounds in savings,” said James Sharpe, Sales Director Digital Native Business at Eviden, Atos Group. “This marks the beginning of a revolution in how money moves. As UK VRP regulation evolves, fintech innovation will accelerate, replacing legacy systems with direct, secure, and flexible bank-to-bank transfers.”

The expansion of VRP’s is expected to reach full-scale implementation in the UK in 2025, at this point Eviden’s open banking solution will be extended to full deployment with customers.

Assisting vulnerable customers

The system monitors customers’ finances through a regulated consented sign-up process overseen by the FCA (Financial Conduct Authority) and harnesses AI, including conversational AI-powered capabilities, to proactively identify, support, and guide consumers with personalized payment plans. The flexible solution then enables payments tailored to each customer’s financial situation, rather than adhering to a fixed date, allowing contributions from various funding sources to promote greater affordability and shielding individuals from financial strain.

This flexibility is crucial for utility companies, local authorities, and social housing providers, enabling them to accommodate customers’ financial situations effectively, while avoiding chasing failed Direct Debits which is time consuming and costly.

Eviden’s AI platform proactively monitors customer bank account data to recommend the most appropriate payments frequency during any given month, this could be one or multiple monthly payments, helping customers stay on top of their bills with realistic options. The system also supports multiple payments when customers have funds available, encouraging a proactive approach to bill settlement and reducing the risk of arrears. It even allows contributions from friends or family members towards bills, and accepts multiple payees for a single payment, enabling flexibility for Houses of Multiple Occupancy, such as student accommodation.

Fliss Berridge, Ordo Director, highlighted, “We want to help customers manage bill payments effectively and encourage improved payment habits. Eviden’s AI-driven platform identifies financial vulnerabilities and recommends practical steps to avoid arrears. Our joint solution is opening doors to a new era of convenience, propelling forward customer-centricity with empathetic collections and operational efficiency, and is perfectly timed with today’s regulatory landscape.”

ByzGen’s blockchain solutions are integrated into Eviden’s new payments platform to improve data security, compliance, and efficiency while limiting bias. This is particularly beneficial in improving trust between parties and minimizing the risk of fraud. Blockchain also facilitates faster and more cost-effective processing of payments.

Marcus Ralphs, ByzGen CEO, emphasized, “ByzGen’s contribution supports the broader goals of the initiative, which seeks to provide more flexible payment options for consumers, particularly in sectors like utilities. This integrated approach not only streamlines payment processes but also adapts to customer needs, particularly for the financially vulnerable.”

ByzGen has been part of the Eviden Scaler acceleration program since 2023, an initiative focused on fostering open innovation for emerging startups and SMEs by supporting the development of their activities and encouraging their international growth. The scheme plays a crucial role in Eviden’s mission to drive sustainable digital transformation globally.