Visa has announced its support for Pay.UK after facilitating the first Request to Pay message sent and received using Pay.UK’s standards.
Request to Pay is a messaging service intended to settle transactions between businesses, organisations and individuals. In addition, it is designed to complement existing payment infrastructure and will sit alongside other UK billing and payment methods when launched, providing more choice.
Mat Lane, Head of Europe Real Time Payments & Global Applications at Visa, said: “Our support for Pay.UK’s request to pay pilot is a natural extension of our existing role as a global and open payments network. We are pleased that our knowledge and technical expertise played into the success of the pilot.
“We are keen to continue working with Pay.UK to develop the offering and join the full service when it launches as we continue to head towards our shared goal of modernising payments to meet the demands of digital payment services available to both individuals and businesses.”
The announcement comes as Request to Pay is set to launch commercially later this year.
The service enables billers to directly request funds rather than sending traditional invoices. For each request, receivers are asked whether they would like to pay in full or in part, request an extension, communicate directly with the biller, or decline to pay.
Throughout the pilot, Visa tested over 100 biller and consumer use cases, and over 40 exceptions, leveraging payment initiation channels.
Paul Horlock, Chief Executive at Pay.UK, said: “The huge variety of companies that have been involved in request to pay’s development and testing phases – more than 400 in all, from start-ups to large payment service providers – is a clear demonstration that there is market appetite.
“The expertise of our pilot participants has played an important role in refining the Request to Pay message standards. We look forward to seeing the industry’s offerings and companies like Visa coming to market when Request to Pay launches.”