CGI partners with Ordo for innovative payments service

Global IT consultancy CGI has established a new partnership with Ordo to deliver a sector and flexible payments service. The FinTech’s platform was built by CGI, and aims to improve the financial wellbeing of SMEs, consumers, public, private and third sector organisations.

Digital disruption has hit leading businesses across the industrial spectrum, but arguably its effects are the most pronounced in the financial services sector. With the continued faltering of some of Europe’s most established names in the sector, it has become increasingly apparent that a failure to adapt quickly could spell disaster for even the most secure brands. As a result, while the FinTech sector continues to boom, the world’s financial institutions are looking for support from the consulting sector to boost their innovation game.

Since its launch in 1976, CGI has built a reputation for being one of the world’s foremost independent IT professional services groups, and has subsequently taken to the heightened demand for digital services like a duck to water. The firm has worked on a number of keystone technology projects in the UK in recent months, including the delivery of a vote counting e-solution for the 2020 London elections, assisted the Scottish Border Council to boost the digital education standards of Scotland, and is partnering with global bank HSBC to launch a transformational trade technology platform.

The latest project which has seen CGI tapped for its technological know-how is its partnership with Ordo. A FinTech established in 2018, Ordo aims to bring to market a secure messaging and request for payment solution. Ordo recently secured investment from Nationwide, through the Building Society’s £50 million venture fund which targets promising FinTech start-ups. The company hopes its products can help improve the financial wellbeing of SMEs, consumers, public, private and third sector organisations by helping them take firmer control of their money coming in, and bills and expenses going out.

CGI has built the leading edge of Ordo’s online platform, allowing billers to enter into a dialogue with customers, and allowing for part payments or deferred payments to create flexibility on both sides – with billers able to avoid cash flow issues caused by late payments, and customers able to have greater control over their transactions.

SMEs are extremely vulnerable to outstanding invoices, with those in the UK facing a collective bill of £6.7 billion per annum due to late payments by other companies. This has risen from £2.6 billion in 2017, illustrating the plight of SMEs, particularly with uncertain economic times ahead, while the average value of each late payment now stands at £6,142.

Open banking

The technology solution for Ordo will also include end-to-end encryption, with CGI leveraging new Open Banking payments standards introduced as a result of directives by the UK’s Competition and Markets Authority. This will mean that no secure information is shared when sending a payment request or making a payment, making transactions safer and increasing user protection against authorised push payment fraud.

Neil Sadler, Senior Vice President, UK Financial Services at CGI, commented, “CGI is excited to be working with Ordo to change the face of payments for businesses and consumers. 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. 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.”

Craig Tillotson, CEO and co-founder of Ordo, added, “We’re delighted to be partnering with CGI on the development of Ordo. With CGI’s knowledge and expertise in modernising payments systems, we’re confident we can deliver a service which significantly improves the financial lives and wellbeing of people and businesses. We’re thrilled to be working with a company which shares this vision also.”