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PropTech sector: unlock faster and safer payment journeys Open Banking - Ordopay

In the rapidly evolving digital landscape, the convergence of technology and real estate has given rise to the PropTech sector. With innovative solutions transforming various aspects of the property market, one area that has seen significant advancements is the payment journey. The integration of Open Banking Payments has revolutionised payment solutions in the PropTech sector, enabling faster, more secure, and efficient transactions.

The integration of Open Banking Payments within the PropTech sector has opened the door to a wave of innovation. Proptech companies are leveraging the capabilities of Open Banking to develop novel payment solutions, further enhancing the customer experience in the property market.

In this blog post, we will explore the impact of Open Banking Payments on the PropTech sector, highlighting how it enhances real-time payments, ensures secure transactions, and promotes financial reconciliation.

Real-time payments: speeding up transactions

Open Banking Payments leverage the power of application programming interfaces (APIs) to enable real-time payments. Traditionally, property transactions involved cumbersome processes and delays, with payments often taking days to settle. However, Open Banking Payments eliminate these hurdles by providing instantaneous transfer of funds between parties involved in a property transaction. This means that buyers can make payments instantly, accelerating the entire transaction process and streamlining the purchase or rental experience.

Moreover, the use of Open Banking Payments facilitates transparency and reduces the risk of fraud. As transactions occur in real-time, both buyers and sellers have complete visibility into the payment journey, ensuring trust and reducing the potential for disputes. This increased transparency, coupled with the speed of transactions, makes Open Banking Payments a game-changer for the PropTech sector.

Real-time payment solutions are also becoming increasingly important in the PropTech sector. With the rise of on-demand services and the increasing use of mobile devices for transactions, consumers are expecting faster payment processing times. Open Banking payments enable real-time payments, which means that payments can be processed and cleared in a matter of seconds. This can help to improve customer satisfaction, as consumers can enjoy a faster, more efficient payment experience.

Secure payments: protecting financial transactions from fraud

Security is of paramount importance when it comes to financial transactions, especially in the real estate industry. Open Banking Payments address this concern by leveraging robust security measures. The integration of Open Banking APIs ensures that payment information is securely transmitted between financial institutions, safeguarding sensitive data such as account numbers and transaction details.

Additionally, Open Banking Payments utilise strong customer authentication protocols, requiring multiple layers of verification to authorise transactions. This significantly reduces the risk of fraudulent activities and enhances the overall security of property payments. With Open Banking Payments, both buyers and sellers can have peace of mind, knowing that their financial transactions are conducted in a secure environment.

Financial reconciliation: simplifying accounting processes

One of the challenges in the property market has been the complex and time-consuming process of financial reconciliation. Property transactions involve various stakeholders, including buyers, sellers, agents, and financial institutions. Reconciling payments across these parties can be a daunting task, often leading to errors and delays.

For more information visit: https://ordopay.com/proptech-unlocks-payment-journeys-with-open-banking/

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Open Banking secure payment – better debt collection for energy companies - Ordopay

Open Banking is changing the way the utility company handles debt collection And if energy companies want to stay on the right side of the, for more information visit: https://ordopay.com/open-banking-secure-payment-better-debt-collection-for-energy-companies/

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Open Banking & VRP – Everything you wanted to know about this secure, instant payment method but were afraid to ask - Ordopay

What is open banking and what does VRP, the latest acronym in the immediate payment ecosystem, mean, for more information visit: https://ordopay.com/open-banking-vrp-everything-you-wanted-to-know-about-this-secure-instant-payment-method-but-were-afraid-to-ask/

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Unlock the door to acres of benefits in your enterprise business payment systems with Open Banking — it’s the new tech replacing business payment solutions — Ordopay

January saw the UK’s property market make a strong start, but the inevitable ups and downs of the property market will be assessed over the coming weeks as we head into Q2.

With mortgage approvals decreasing resulting from increased borrowing costs following the mini-Budget, the housing market showed more robust activity since Christmas than was feared at the end of 2022, and forecasts from those in the building trade have remained upbeat so far.

Property experts, Knight Frank, are predicting a house price fall of around 10% over two years, and this is as a direct result of higher borrowing costs curtailing affordability.

With this backdrop, what easy online payment solutions will keep your property business payment solutions running smoothly and efficiently, what is open banking and can it deliver secure instant payments at low cost, meaning you can keep agent charges and everyone’s service charge low to help weather this contraction, especially for those paying rent?

In this blog we’ll cover:

What is open banking, and how do account to account payments work? Do they really give instant payment and still mean secure instant payments?

What are the benefits of open banking, can it integrate with your enterprise business payment systems?

What secure instant payments can open banking be used for and can you get agent charges as an immediate payment?

What are Variable Recurring secure instant payments and can they be used for paying rent and service charge?

1. What is open banking, and how do account to account payments work? Do they really give instant payment and still mean secure instant payments?

Open Banking payments refer to a type of transaction that uses open banking technology to facilitate secure and immediate account to account payments. Open Banking is a system that allows individuals and businesses to share their financial information securely with FCA authorised FinTechs, like Ordo, enabling them to offer innovative business payment solutions.

With Open Banking payments, individuals and businesses can make secure instant payments directly from their bank accounts without the need for intermediaries such as credit card companies or payment processors. This immediate payment capability allows for easy online payment and makes the collection of service charge, agent charges and paying rent lower cost using less resource.

For enterprise business payment systems, Open Banking payments can provide a cost-effective and more secure convenient alternative to traditional payment methods. Open Banking payments can be used for paying rent, enabling tenants to make secure instant payments directly making account to account payments from their bank accounts to their landlords’ accounts, and for agents collecting ad hoc and repeated fees such as service charge and agent charges.

So in short, open banking payments enable immediate, secure, and cost-effective account-to-account payments. This technology provides an efficient and convenient way to facilitate payments for a variety of purposes, including paying rent, service charge, agent charges and other business transactions.

2. What are the benefits of open banking, can it integrate with your enterprise business payment systems?

Open Banking payments offer several benefits, including:

Speed and Efficiency: Open Banking payments allow for immediate, secure, and direct account-to-account payments

Cost-Effectiveness: Open Banking payments can be a cost-effective alternative to traditional payment methods, such cards, as they have a low fixed flat fee and reduce administrative costs and time.

Improved Cash Flow: Open Banking payments provide secure instant payments which helps businesses manage their cash flow more effectively.

Increased Security: Open Banking payments use secure technology and require user authentication in easy online payment journeys, reducing the risk of fraud and improving the overall security and convenience of secure instant payments.

When it comes to integrating Open Banking payments with enterprise business payment systems, businesses can use Open Banking APIs to connect their business payment solutions and systems with FCA authorised FinTechs like Ordo. This integration allows for seamless, automated, and secure instant payments, reducing manual processing and improving overall efficiency. Integration is easy and takes a matter of weeks.

Integrating Open Banking payments with enterprise business payment systems can provide businesses with increased speed, efficiency, security, and cost-effectiveness in payment processes, ultimately helping improve their overall financial management, easy online payment is just one part of open banking and account to account payments.

For more information visit: https://ordopay.com/unlock-the-door-to-acres-of-benefits-in-your-enterprise-business-payment-systems-with-open-banking-its-the-new-tech-replacing-business-payment-solutions/

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What payment processing solution is as easy as plug and play? Enterprise payment solutions that get you saving from day 1 - Ordopay

What payment processing solution Some enterprise payment solutions are a plug and play managed solution outlining business payment solutions to get the right online payment solution, for more information visit : https://ordopay.com/what-payment-processing-solution-is-as-easy-as-plug-and-play-enterprise-payment-solutions-that-get-you-saving-from-day-1/

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How to get low cost payments in insurance, Use Open Banking - Ordopay

For insurers, cost control is crucial Use Open Banking payment solutions to benefit from low cost payments without compromising service instant payment and automatic reconciliation standard, for more information visit: https://ordopay.com/how-to-get-low-cost-payments-in-insurance-use-open-banking/

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How to get low cost payments in insurance, Use Open Banking - Ordopay

With inflation running at around 11%, both insurer and insured are going to be looking for where they can cut costs and save on collecting and making payments. Whether it’s mid-term adjustments, pay-outs premium payments, how can insurance companies control their costs, take advantage of low cost payments and still give good customer service? The answer is Open Banking. Open Banking payments give insurers instant payment, automatic reconciliation and low cost payments as standard.

In this blog:

What is Open Banking?

What are the benefits of Open Banking payments to the insurer?

What are insurance use cases for Open Banking payments?

What is Open Banking?

Open Banking is instant payment, cloud native, secure technology provided by FCA authorised FinTechs. FinTechs, like Ordo, provide innovative payments services for businesses using the UK’s online and mobile payments scheme, the Faster Payments rails, to transform payments, giving businesses low cost payments, instant payment and automatic reconciliation. Open Banking services offered as fully hosted and managed, such as Ordo’s, provide insurers with low cost payment solutions that enable payments collection from their clients at significantly lower direct cost, requiring less resource to reconcile, and less risk than other payments methods like cards, cheques and bank transfers. Open Banking payments come with all this, whilst also giving clients more control over their finances than they have with direct debit.

Open Banking services are cloud hosted secure payments platforms and APIs allowing insurers to initiate payments requests for contact centre, billing and invoicing, mid-term adjustment fees and e-commerce payments. These Open Banking payments solutions come with web and app-based frontends to allow any end payers using mobile or internet banking to authorise and pay the payments requests directly to the insurer, with instant payment being made directly from their bank account to the insurer’s bank account, without any sign up, registration or app download. Access to Open Banking payments could not be easier.

What are the benefits of Open Banking payments to the insurer?

The COVID pandemic continuing the Brexit challenge to the UK economy, followed by the cost of living crisis, a downturn if not recession and the Russian war on Ukraine are all putting strain on UK insurers and their clients. With consumers tightening their belts and cutting discretionary payments, Ordo’s user research revealed that 80% of people are worried about money and are looking for how they can get the most out of their payments, juggling and retaining essential and low cost payments above regular unchallenged direct debits that go out of their account automatically. Personal financial reviews resulted in 40% of people cancelling some direct debits….and not reinstating such payments.

Insurers need to demonstrate how they’re giving their customers low cost payments whilst maintaining service and cover levels. To survive, insurers need to urgently adopt Open Banking.

How do insurers benefit from Open Banking payment solutions adoption?

Low cost payments versus cards — Open Banking payments are a minimal single flat fee per payment as opposed to ad valorem on the value of payments, like cards. Insurers can save up to 80% on their payments costs; especially useful for higher payments such as annual premiums, or mid-terms adjustments.

Automatic reconciliation — Open Banking payment solutions providers populate the payments requests on behalf of the insurer, and present these as payments to be authorised by the insurers’ customers — there’s no inputting of account details or references by the client. These payments details are not indelible, meaning instant payment is received into the correct account with automatic reconciliation guaranteed. The payments received, via the Faster Payments rails, by the insurer, carry through the payments references inputted by the insurer and will be credited to the insurer’s nominated bank account, eliminating misdirected payments with automatic reconciliation as standard, negating intensive human resource manual interventions.

Instant payment — unlike receipt of card payments which take multiple working days to be received by payments collecting insurers, with Open Banking payments, the insurer receives payments directly into their bank account as soon as payments are authorised by their customers. Open Banking payment solutions mean real time payments, allowing insurers to extend cover immediately, knowing they’ve already received the payments: No payments delays, no chargeback risk, and no payments clearing and settlement delays.

For more information about low cost payments visit: https://ordopay.com/how-to-get-low-cost-payments-in-insurance-use-open-banking/

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Online Payment Processing Solutions | Accept Payments Online - Ordo

Ordo s services include online payment processing solutions for businesses Enterprises, online money transfer, accepting payments online, online merchant services, etc, for more information visit:

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Take the leap — drop your old online payment methods and switch to Ordo’s open banking payments solution — Ordopay

In times of uncertainty, our gut might tell us to baton down the hatches and stick with the status quo — the same e-commerce journey, the same filing structure, the same online payment methods. The status quo feels safe — it’s what we know — but is it best to stick to well-worn routines when things feel unstable? Could we improve our situation by instead approaching things differently and trying something new? Has the pandemic and cost of living crisis forced us to change our behaviour and what’s the consequential effect on our business model or processes?

The dangers of the status quo

We’ve all heard the phrase — if it’s not broken, don’t fix it — and while that might make sense for the appliances around your house, it’s not always the best approach for a business. In sticking steadfastly to old ways of doing things, you may feel comfortable, but you run the risk of being left behind as the environment changes around you. There are many infamous examples of once successful companies that didn’t evolve and lost out as a consequence — do you want to be the next Polaroid, Blockbuster Video, or Kodak?

Many businesses stick with the what they know, not necessarily because it’s working well for them, but for other reasons unrelated to vision, productivity, and profit. Rosabeth Moss Kanter of the Harvard Business School lists 10 reasons people are resistant to change. These include:

1. Excess uncertainty — if people aren’t assured that the change will be positive they are reluctant to try it. Rather than take a risk, they’d prefer to stick with old methods even if they can be improved upon.

2. Everything seems different — People like what’s familiar and the thought of change can be unsettling and scary.

3. More work — No one wants to increase their workload, especially during trying times. Many organisations resist change because of the fear that it will be more complicated and time consuming than their current way of doing things.

How to initiate change in your business

Thankfully, there are ways to initiate changes in your business while addressing these fears. A study by McKinsey & Company found that open communication about a planned change is one of the major ways to ensure a change is successful. Also important is empowering employees in change initiatives, so the change isn’t happening to them, but with them.

Keep your business evolving

Just like your car needs a scheduled MOT, you should regularly assess your business in order to spot areas that could benefit from change. Change doesn’t necessarily mean a complete rethink of your business plan — it can be something like arranging your office space to make things easier to access, re-thinking your invoice reconciliation process, or instituting green initiatives in your office. These changes can save you time and money and improve employee satisfaction.

When assessing your company, ask yourself — What parts of my business have I never changed and are there new systems out there that I could benefit from? Waiting days for direct debits to clear and paying through the nose for card payments mean your business is being left behind, and that can spell disaster for your company. Switching to Ordo’s open banking payments solutions from other online payment methods, means instant payment, low-cost payment and frictionless payment. Try Ordo today and see how it can benefit your business. Take a risk, keep looking out for change….it’s risky not to.

For more information visit: https://ordopay.com/take-the-leap-drop-your-old-online-payment-methods-and-switch-to-ordos-open-banking-payments-solution/

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