Aiia, a Mastercard-funded company, today unveiled a new open banking approach to sending and receiving invoice payments, titled Pay By Link.
Showcasing its newest offering at Money 20/20 Europe fintech exhibition, Aiia’s Chief Revenue Officer Jozef Klaassen, announced the functionality of Pay By Link and outlined some of the benefits of adopting the function.
Pay By Link looks to eliminate the friction which consumers and merchants often experience when paying or sending an invoice. Based upon empowering user experience, Aiia designed its latest offering to allow users to directly pay invoices via a QR code or a sent link.
“It’s an incredibly powerful invoice reconciliation. It allows you to send an invoice with a link or QR code that can transact a digital payment from an invoice in which you can keep via an email,” expressed Klaassen.
“It moves away from a lot of traditional card rails, in the area of a lot of digital channels.”
The Payment Initiative Service Provider (PISP) also had a focused interest on affording users the option to either pay immediately or choose to withhold until a maximum length of up to a month.
Pay By Link will automatically fill out a user’s information for the invoice, thus enabling a quicker and efficient transaction process. This then provides the payer the opportunity to pay now or pay later (Not to be confused with traditional BNPL services).
Klaassen goes into more depth: “You can authorise the payment and let it settle until the invoice is due. So you can automatically have the invoice being paid once the invoice is due.
“It’s a positive for the consumer because they can manage their invoice and outflows, so payments won’t have to be made immediately, once authorised it can even be paid at the end of the month.
“A second reason is the person receiving the invoice, gets a notification that the invoice has been paid or at the end of the month.”
Aiia outlined that its latest invoice payment function is helping open banking ‘bringing it to life’, as Johansson summarises the seamlessness of the function, stating: “You can make it a one time payment link, providing full transparency for the payer and the person sending the link, as we believe in being compliant, secure, privacy by design with quality over quantity.”