XELA stock rose in morning trade on July 28, 2020, after the company gave investors an update on its project with Mastercard.
Exela Technologies (“Exela” or the “Company”) (NASDAQ: XELA) today welcomes Mastercard’s confirmation of enrollment of its Request to Pay solution by Pay.UK, the leading retail payments authority in the UK. The Mastercard Request to Pay solution, co-developed with Exela Technologies, leveraging its proprietary technology and deployed by Mastercard in the cloud, enables billers to make payment requests through a secure, unified messaging service.
Request to Pay provides end-to-end audit trails for billers and facilitates two-way communication throughout the payment process. Exela partnered with Mastercard last year to launch this innovative solution and has since completed the first stage of the project, which required the construction of a data repository. Exela and Mastercard are currently in the planning stages for the second part of the project, which entails finalizing the biller application.
Built to integrate with invoicing and billing systems as well as e-commerce platforms, Request to Pay will prove beneficial to banks, financial institutions, lenders, billers, and most importantly, payers. The solution is designed to help reduce the number of late payments by allowing the payer to exercise more options, including opening a line of communication regarding the amount, frequency, and time of payment. The Request to Pay solution covers another important facet in the payments ecosystem, complementing and expanding Exela’s extensive payment and bill processing suites such as Procure to Pay (P2P) and Order to Cash (O2C). With Confirmation of Payee (CoP) already being rolled out to customers in the UK, Request to Pay is the next solution that Exela aims to introduce to additional markets.
“Enrolling to the Pay.UK framework is an important milestone in bringing to market our Request to Pay solution in the UK,” said Gregor Dobbie, CEO, Vocalink, a Mastercard company. “A key factor in reaching this successful point has been our ability to leverage Exela’s technical capabilities to support the build of our solution. Working together we have built a payment solution offering improved flexibility, speed and transparency of bill payments to a wide range of beneficiaries, including consumers, business, merchants and banks.”
“We are thrilled that the work we have done with Mastercard to build the Request to Pay solution has been rewarded with this enrollment from Pay.UK,” said Vitalie Robu, President, EMEA, Exela Technologies. “In the post-pandemic world where cash flow and liquidity will be more important than ever, the Request to Pay solution has the potential to deliver substantial value and leadership in an emerging payment ecosystem for early adopters.”