Mastercard Request to Pay Solution, Powered by Exela Software, Receives Enrollment Confirmation from Pay.UK
July 28 2020 - 8:00AM
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.”
About Exela Technologies
Exela is a business process automation (BPA) leader, leveraging
a global footprint and proprietary technology to provide digital
transformation solutions enhancing quality, productivity, and
end-user experience. With decades of experience operating
mission-critical processes, Exela serves a growing roster of more
than 4,000 customers throughout 50 countries, including over 60% of
the Fortune® 100. Utilising foundational technologies spanning
information management, workflow automation, and integrated
communications, Exela’s software and services include
multi-industry, departmental solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and the public sector. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 22,000 employees
operating in 23 countries, Exela rapidly deploys integrated
technology and operations as an end-to-end digital journey
partner.
Forward-Looking Statements: Certain statements
included in this press release are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“continue”, “future”, “will”, “expect”, “outlook” or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding our industry, future events, the
estimated or anticipated future results and benefits of the
Business Combination, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Exela
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
“Risk Factors” in Exela’s most recently filed Annual Report on
Form-10-K filed with the Securities and Exchange Commission. In
addition, forward-looking statements provide Exela’s expectations,
plans or forecasts of future events and views as of the date of
this communication. Exela anticipates that subsequent events and
developments will cause Exela’s assessments to change. These
forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Find out more at www.exelatech.comFollow Exela on LinkedIn:
https://www.linkedin.com/company/exela-technologies/Follow Exela on
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Media Contact: Kevin
McLaughlinE:
kevin.mclaughlin@icrinc.comT:
646-277-1234
Investor Contact: William
MainaE: IR@exelatech.comT:
646-277-1236
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