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Michael Boel, Head of Local Clearing at tech-led Payments Bank, Banking Circle, examines how Banks, FinTechs, and Payments businesses as well as their customers stand to gain from Request to Pay today and in future.
Delivering simpler and safer billing, more control over when and how to pay and a simpler alternative to traditional invoicing, Request to Pay is becoming increasingly popular. Request-to-Pay (also known as RtP or R2P) is growing rapidly and is set to become a vital element in the evolution of the new digital payments landscape. Today, fewer than one in five European banks offer Request-to-Pay solutions, but by the end of 2023 we expect at least half of institutions to have an offering.
We have seen payments innovations fast-tracked in the...
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