Nationwide invests in new payment request service Ordo
Nationwide Building Society has invested an undisclosed sum in new payment request service Ordo, which launches later this year, reports Jane Connolly.
Using apps and secure messaging, Ordo connects businesses with their customers via a payment request system that doesn’t require the customer’s bank details.
Having been notified that they’ve received a ‘smart request’ from a biller, the customer can make an instant payment, bank account to bank account.
Businesses can include invoice attachments with the end-to-end encrypted messages and will always receive payments under the reference they provided.
Using open banking and Faster Payments, Ordo aims to protect against invoice and payments fraud, while improving cashflow for SMEs and helping consumers keep on top of their finances in real time.
Tony Prestedge, deputy chief executive at Nationwide, says: “This seemed a natural fit for Nationwide as a brand who helps its members manage their money and who itself later this year is entering the business banking market to offer an alternative for small and medium sized businesses to the big banks.”
The investment is the latest deal as part of Nationwide’s £50 million Venturing Fund, with which the building society is making strategic investments and partnerships with innovative early stage start-ups.
Nationwide expects to invest £4.1 billion in technology over the next five years.