Open Banking is the Key to Facilitating Better Payments: Eviden, Ordo and ByzGen Launch New Offering

Looking to facilitate direct payments between businesses and customers in real-time through a new open banking solution, a three-way partnership has been announced between Eviden, the Atos Group business focusing on digital, cloud, big data and security, fintech innovator Ordo and blockchain company, ByzGen.

With the pilot open banking solution, customers will be able to authorise payments directly from their bank accounts to businesses on a recurring basis using the Ordo variable recurring payments (VRP) offering.

While VRPs are not entirely new, their application in the UK will be newly allowed for certain use cases, such as recurring bills or subscription payments. Furthermore, the expansion of VRPs is expected to reach full-scale implementation in the UK in 2025. At this point Eviden’s open banking solution will be extended to full deployment with customers.

“Open banking-powered solutions offer a lower cost-per-transaction to process than cards and automate account reconciliations to reduce administration costs. For large providers, the reduction in transaction fees alone will lead to millions of pounds in savings,” said James Sharpe, sales director digital native business at Eviden, Atos Group.

“This marks the beginning of a revolution in how money moves. As UK VRP regulation evolves, fintech innovation will accelerate, replacing legacy systems with direct, secure, and flexible bank-to-bank transfers.”

Enabling flexible payments

The system monitors customers’ finances through a regulated consented sign-up process overseen by the FCA (Financial Conduct Authority) and harnesses AI, including conversational AI-powered capabilities, to proactively identify, support, and guide consumers with personalised payment plans. The flexible solution then enables payments tailored to each customer’s financial situation, rather than adhering to a fixed date.

Consequently, this allows for contributions from various funding sources to promote greater affordability and shield individuals from financial strain.

This flexibility is crucial for utility companies, local authorities, and social housing providers, enabling them to accommodate customers’ financial situations effectively, while avoiding chasing failed direct debits which is time-consuming and costly.

Staying on top of bills

Eviden’s AI platform proactively monitors customer bank account data to recommend the most appropriate payments frequency during any given month, this could be one or multiple monthly payments, helping customers stay on top of their bills with realistic options.

The system also supports multiple payments when customers have funds available, encouraging a proactive approach to bill settlement and reducing the risk of arrears. It even allows contributions from friends or family members towards bills, and accepts multiple payees for a single payment, enabling flexibility for houses of multiple occupancy, such as student accommodation.

Fliss Berridge, Ordo director, highlighted: “We want to help customers manage bill payments effectively and encourage improved payment habits. Eviden’s AI-driven platform identifies financial vulnerabilities and recommends practical steps to avoid arrears. Our joint solution is opening doors to a new era of convenience, propelling forward customer-centricity with empathetic collections and operational efficiency, and is perfectly timed with today’s regulatory landscape.”

Improving trust

ByzGen’s blockchain solutions are integrated into Eviden’s new payments platform to improve data security, compliance, and efficiency while limiting bias. This is particularly beneficial in improving trust between parties and minimizing the risk of fraud. Blockchain also facilitates faster and more cost-effective processing of payments.

Marcus Ralphs, ByzGen CEO, emphasised: “ByzGen’s contribution supports the broader goals of the initiative, which seeks to provide more flexible payment options for consumers, particularly in sectors like utilities. This integrated approach not only streamlines payment processes but also adapts to customer needs, particularly for the financially vulnerable.”

ByzGen has been part of the Eviden Scaler acceleration program since 2023, an initiative focused on fostering open innovation for emerging startups and SMEs by supporting the development of their activities and encouraging their international growth. The scheme plays a crucial role in Eviden’s mission to drive sustainable digital transformation globally.