Eviden, Ordo, and ByzGen Launch Pilot Open Banking Platform to Transform Real-Time Payments with AI and Blockchain

Eviden, Ordo, and ByzGen Launch Pilot Open Banking Platform to Transform Real-Time Payments with AI and Blockchain

(IN BRIEF) Eviden, part of the Atos Group, has partnered with fintech company Ordo and blockchain specialist ByzGen to pilot an innovative open banking platform. The solution enables real-time direct payments, offering a secure and cost-effective alternative to traditional payment methods like direct debit and card-based transactions. Leveraging Variable Recurring Payments (VRP) technology and AI-driven insights, the platform supports financial flexibility, particularly for vulnerable customers, by tailoring payment plans and allowing contributions from multiple sources. Integrated blockchain technology enhances security, compliance, and operational efficiency. Expected to reach full-scale implementation in the UK by 2025, the platform is set to revolutionize payment processing and benefit industries like utilities, local authorities, and social housing.

(PRESS RELEASE) LONDON, 12-Dec-2024 — /EuropaWire/ — Eviden, a business within the Atos Group specializing in digital, cloud, big data, and security, has joined forces with fintech innovator Ordo and blockchain specialist ByzGen to pilot a groundbreaking open banking solution. This innovative platform aims to enable real-time direct payments between businesses and customers, offering a faster, more cost-effective alternative to traditional payment methods like direct debit and card-based transactions.

The new intelligent flexi-payment solution is particularly beneficial for sectors like utilities, providing organizations with a secure and streamlined way to collect regular bill payments. By leveraging the platform, businesses can improve cash flow, reduce costs, and simplify operations, while consumers benefit from flexible, secure, and affordable payment options. The solution also serves as an alternative to card-on-file payment methods, further enhancing customer empowerment.

Transforming Payment Management with Open Banking

This platform is the first to harness Ordo’s Variable Recurring Payments (VRP) technology, powered by Open Banking. VRPs enable customers to authorize recurring payments directly from their bank accounts to businesses. While VRPs are not a new concept, their application in the UK is expanding under recent regulatory changes, making them a viable option for recurring bills and subscription payments.

“Open banking-powered solutions reduce transaction costs compared to card-based systems and automate account reconciliations, cutting administrative expenses,” said James Sharpe, Sales Director for Digital Native Business at Eviden, Atos Group. “This marks a major shift in how payments are processed. As VRP regulation continues to evolve in the UK, this innovation will pave the way for direct, secure, and flexible bank-to-bank transfers, revolutionizing financial operations.”

Eviden anticipates full-scale implementation of its open banking solution in the UK by 2025, at which point the platform will expand to more customers and use cases.

Supporting Vulnerable Customers with AI-Driven Insights

The solution goes beyond facilitating payments by using AI-powered capabilities to support customers with financial vulnerabilities. Through a regulated consented sign-up process monitored by the Financial Conduct Authority (FCA), the platform proactively identifies and assists at-risk customers by recommending tailored payment plans. This flexibility allows payments to align with individual financial situations, enabling contributions from various sources and avoiding financial strain.

For utility companies, local authorities, and social housing providers, this adaptive approach reduces the time and costs associated with managing failed direct debits. Eviden’s AI platform monitors customer account data to recommend optimal payment frequencies, enabling realistic and manageable bill settlement options. The system also accommodates multiple contributors for a single bill, such as in shared accommodations, making it particularly beneficial for student housing and similar scenarios.

“Eviden’s AI-powered platform identifies financial vulnerabilities and recommends practical steps to help customers avoid arrears,” said Fliss Berridge, Director at Ordo. “By introducing empathetic collections and operational efficiency, our joint solution redefines payment management with a customer-centric focus.”

Enhancing Security and Efficiency with Blockchain

ByzGen’s blockchain technology is integrated into the platform to ensure data security, compliance, and operational efficiency while minimizing fraud risks. The blockchain’s ability to enhance trust between parties and streamline processes makes it a valuable component of the solution, particularly for sectors like utilities.

“Our blockchain solutions enhance the flexibility and security of payments, especially for financially vulnerable consumers,” said Marcus Ralphs, CEO of ByzGen. “This collaboration demonstrates how innovative technologies can align to address customer needs while improving operational processes.”

ByzGen’s participation in the Eviden Scaler acceleration program since 2023 has further bolstered the partnership. The program fosters innovation by supporting startups and SMEs, aligning with Eviden’s mission to drive sustainable digital transformation on a global scale.

This pilot launch sets the stage for a transformative shift in payment processing, empowering businesses and consumers alike with a secure, flexible, and cost-efficient solution.

About Eviden[1]

Eviden is a next-gen technology leader in data-driven, trusted and sustainable digital transformation with a strong portfolio of patented technologies. With worldwide leading positions in advanced computing, security, AI, cloud and digital platforms, it provides deep expertise for all industries in more than 47 countries. Bringing together 47,000 world-class talents, Eviden expands the possibilities of data and technology across the digital continuum, now and for generations to come. Eviden is an Atos Group company with an annual revenue of c. € 5 billion.

[1]Eviden business is operated through the following brands: AppCentrica, ATHEA, Cloudamize, Cloudreach, Cryptovision, DataSentics, Edifixio, Energy4U, Engage ESM, Evidian, Forensik, IDEAL GRP, In Fidem, Ipsotek, Maven Wave, Profit4SF, SEC Consult, Visual BI, Worldgrid, X-Perion. Eviden is a registered trademark.

Eviden is a registered trademark. © Eviden SAS, 2024.

About Ordo

Ordo’s cloud-native ‘Payments-as-a-Service’ offering, delivers fully managed, white-labelled, turn-key solutions for Open Banking payments including Request to Pay, E-Commerce and QR Code payments; the very latest Open Banking solution, Variable Recurring Payments (“VRP”), is backed by the Financial Conduct Authority, the Payment Systems Regulator, the Competition and Markets Authority, and HM Treasury, as well as the Opposition party to Government.

Ordo’s highly secure service, designed and built by payments experts, provides an array of frictionless payments solutions, which can be deployed at Point of Sale, for invoice collection, from contact centres, and for paper and digital billing; it makes paying and getting paid easier than ever and is more cost-effective than traditional payment methods.

Businesses can access the Ordo platform in several ways: through an Ordo Merchant Acquirer/PSP payments partner, via Ordo’s modern APIs, for smaller businesses through our integrations with QuickBooks, Sage, and Xero accounting software, and directly via Ordo’s web/app interfaces.

Ordo’s white label fully managed and hosted services, deliver a business’s brand look and feel to their paying customers, without the need to build bespoke payment journeys or customer management services. Ordo Solutions can also manage refunds and secure customer payouts and disbursements, as well as account validation.
Ordo was founded by the former management team of the UK’s Faster Payments Scheme in 2018 to use Open Banking payments to provide businesses with a much-needed alternative to slow, high-cost card payments and insecure direct bank payments. Ordo is authorised by the Financial Conduct Authority as a Payments Institution for Account Information Services and Payment Initiation Services (FRN 836070).

Learn more: https://ordopay.com
Try Ordo for free: www.myordo.com
Enquire: info@ordopay.com

About Byzgen

With the explosion of data, compounded by the new generative AI landscape – Proof of Sovereignty and the ‘tracking and tracing of data’ for compliance and audit has never been more important. Data dependent enterprises across the globe are seeking to demonstrate ‘data-sovereignty’ to ensure and assure ‘digital trust’. A brands value and corporate performance depend on it.

For digital trust to be achieved, the ability to share & validate valuable and sensitive data quickly, securely and without fear of compromise, is essential. ByzGen’s unique secure ledger and enterprise blockchain solutions bring together all facets of security, trust, data sovereignty, track and trace, compliance and audit. Building digital trust beyond traditional network boundaries.

A long standing Atos group and Eviden partner since 2018, ByzGen have deployed their secure ledger and blockchain solutions for major clients and partners across the UK and Europe.

Learn more about ByzGen: www.byzgen.com

Media Contact:

Tessa David
Atos
Tessa.david.external@atos.net

SOURCE: Eviden