Business consultancy CGI has announced a collaboration with invoice payments FinTech Ordo to develop a service that combats fraud for both payers and payees.
In a press release on Wednesday (June 5), the companies announced their tie-up, which aims to boost efficiency of invoice payments on both sides. CGI and Ordo are focusing on transparency throughout the invoice payment process.
Ordo enables billers to immediately receive funds when they submit an electronic invoice as an alternative to paper invoice processing and card payment costs. The new platform will enable billers to accept partial payments or deferred payments to prevent late payments.
A key focus of the collaboration is fraud and data security, the firms noted. The platform will integrate end-to-end encryption to protect sensitive information when sending or receiving payment to combat push payment fraud.
"CGI is excited to be working with Ordo to change the face of payments for businesses and consumers," said CGI U.K. Financial Services Senior Vice President Neil Sadler in a statement. "The removal of friction in the billing process will not only allow billers to make financial savings, but will also allow for greater cash flow visibility and control for customers, all in a more secure environment."
CGI and Ordo pointed to the opportunity that the U.K.'s open banking regulations have presented for securing data. "As open banking develops, we're pleased to be at the forefront of this, supporting businesses like Ordo in bringing new services into the market," Sadler added.
"With CGI's knowledge and expertise in modernizing payments systems, we're confident we can deliver a service [that] significantly improves the financial lives and well-being of people and businesses," added Ordo CEO and Co-founder Craig Tillotson in another statement.
Ordo recently secured funding from the Nationwide Building Society via its venture fund.