Intelligent Protocols, for Powerful Agreements
Major changes are underway in global financial services with a need to extract more from legacy systems, while preparing for the future of payments and ensuring relevancy in an industry increasingly driven by automated payments and digital experiences.
That’s why we position financial institutions to become the prime financial services partner for their business clients through infrastructure and standards designed to unify strategy, reduce fraud and operating costs and deliver secure and compliant, flexible payments that businesses demand.
Create Smart Payment Agreement™ Structure
- Business sends a Smart Payment Request™️ to their Payer.
- Their Payer reviews this request(wherever they might be - online, on their device, in-store) and steps through a guided consent flow.
A business - through their financial institution or payment service provider - creates the structure of the Smart Payment Agreement™. This will include all the parameters of the payment agreement - including descriptions, frequency, amounts, number of payment and more. Smart Payment Agreements are inherently flexible to work with any type of payment structure between a payer and a payee.
This is then sent to the payer through a channel that makes sense to the business - it could be email, sms, via a website, a QR code or bespoke messaging channel.
A time-stamped event log specifically about this Smart Payment Agreement™ has now begun!
Consent Capture and Authentication
- Payer assigns their preferred method of payment and provides final consent accordingly.
- A Smart Payment Agreement™ is created, an Agreement ID is generated and an event log has begun against it.
The payer confirms and verifies that they are the intended recipient of the Smart Payment Agreement™️ and, through confirms that the Smart Payment Agreement™️ parameters are correct.
The payer then assigns their payment method of choice to be the active payment method for the agreement - this could be any type of payment that the business can accept through their financial institution or payment provider. The payer can change their active payment method at anytime and switch to a different one without disruption to the agreement.
The payer provides their final consent according to the required consent for their payment method. All of this is logged in the Smart Payment Agreement™️ event log and a unique Agreement ID is assigned to the Smart Payment Agreement™️.
Payment
- Upon the agreed schedule (it could be immediately), a Payment Initiation Event is created, checked against the Agreement ID and a range of other factors.
- If all checks out, an initiation instruction is sent to the payment channel (according to the method of payment assigned to the agreement).
Upon the agreed schedule (it could be immediately), a Payment Initiation Event is created. Before being sent to process, the payment is checked against the Agreement ID to ensure that there is current and active consent, and that the transaction falls within the agreement parameters. No transaction will occur if either of these things are false.
These events are also logged.
Ongoing Management
- The Smart Payment Agreement™ performs automatic management tasks for both the Payer and the Business to create greater opportunities for success.
- All activities on the agreement are logged as events which can be recalled at anytime by either party (and also, when required by you, the business’s financial institution).
The Smart Payment Agreement™️ gives both business and payer the ability to view and make updates to the agreement in real time. All activities on the agreement are logged as events which can be recalled at any time by either party (and also, when required by you, the business’s financial institution).
This significantly increases the chances of successful payments, saving time and money and providing a better experience for you and your customers.
.png)
