- Eviden, Ordo, and ByzGen collaborate to pilot an open banking-driven bill payment platform.
- The platform aims to streamline payments for consumers and reduce costs for businesses.
What happened: Open banking meets AI for smarter bill payments
Eviden, a subsidiary of Atos Group, has partnered with fintech Ordo and blockchain company ByzGen to pilot a groundbreaking open banking-based bill payment service. The platform is designed to offer businesses, including utility providers, a faster, more cost-effective alternative to traditional card transactions and direct debits. Leveraging Ordo’s Variable Recurring Payments (VRP) system, the platform enables customers to securely authorise recurring payments directly from their bank accounts, eliminating the need for card-on-file instructions.
Eviden’s intelligent flexi-payment service is enhanced by AI to create personalised payment plans based on customers’ financial situations, improving affordability. It also integrates ByzGen’s blockchain technology to bolster data security and compliance. Customers can tailor payments to suit their financial circumstances, contribute from multiple sources, and even invite friends or family to help with bills. The pilot is positioned for full deployment in the UK by 2025, promising significant cost savings and operational efficiency for businesses.
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Why it’s important
This partnership between Eviden, Ordo, and ByzGen represents a significant leap in the fintech landscape by combining open banking, AI, and blockchain technologies to modernise bill payments. Open banking-powered solutions like this one offer lower transaction costs, automate reconciliations, and reduce administrative burdens for businesses. According to Eviden, this system could save large providers millions annually in transaction fees alone.
Additionally, the AI-driven, flexible payment features help consumers manage financial challenges more effectively, addressing the rising demand for personalised financial solutions. By incorporating blockchain for enhanced security, the platform meets the growing expectations of regulatory compliance and data protection. This development highlights the transformative potential of fintech partnerships to reshape the financial ecosystem, creating more inclusive and efficient solutions for both consumers and businesses.
