New fintech challenges the established order; eliminating card fraud, eradicating the friction in digital funds, and slashing transaction charges – saving UK companies over £9bn a 12 months
London, UK, 18 March 2021 – At present marks the launch of BOPP, a brand-new fee platform that removes the necessity for playing cards, and makes use of Open Banking to facilitate rapid, safe funds immediately from one checking account to a different.
A fee request could be despatched within the type of a pay hyperlink by way of SMS, WhatsApp, e mail or QR code. The fee request hyperlink takes the consumer to the safe BOPP website, connects to the recipient’s on-line banking app and gives all of the payee and transaction particulars – the payer solely must authorise and ensure the fee with their financial institution. The cash is transferred securely in real-time, with out the necessity for credit score or debit playing cards.
“Everyone knows that paying with money is turning into a factor of the previous, and with the superb progress on the earth of funds, companies have a possibility to re-think how they receives a commission,” feedback Ian Gass, CEO of Agitate, the corporate behind BOPP. “Each time a service provider makes use of BOPP, they get monetary savings, scale back fraud, and get money within the financial institution instantly.”
In 2019, over £1bn was misplaced in card fraud, with card not current fraud at a staggering £470m. Producing a fee hyperlink from BOPP eliminates this. The know-how wipes the slate clear as each checking account that requests funds is verified by BOPP immediately from their enterprise financial institution. All funds made utilizing the platform are consented to by the payee utilizing their biometrics and on-line financial institution app safety.
Companies accepting card funds pay as much as 3% in transaction charges and will have to attend 3-5 days earlier than really receiving their funds (and this ignores different drawbacks similar to card fraud and chargeback prices). BOPP simplifies digital funds by making it a lot simpler for purchasers to pay companies immediately bank-to-bank, reducing out all of the middlemen. BOPP is totally free for private use, and companies pay simply £10 monthly all-in. Zero transaction charges, and funds obtained in seconds.
“In 2019, £829 billion was spent utilizing debit and bank cards within the UK alone from 22 billion transactions. In case you take a mean card processors charges of 1.5%, this implies UK companies spent over £11bn in charges,” added Gass. “If BOPP was used, the charges would save over £9bn a 12 months. UK companies work arduous to get clients and earn cash, however each time somebody pays utilizing a card, they pay ridiculously excessive charges. It’s vital to us to assist UK companies by enabling them to make extra from every sale, have a steady cashflow, and have the instruments they should bounce again and finally thrive in these tough instances.”
With the power for UK shoppers to simply click on or scan to pay, with zero transaction charges for organisations, signifies that the charity sector specifically is seeing the potential in BOPP. NHS Charities Collectively is already signed up as a launch buyer to make donating less complicated and safer.
Justine Davy, Head of Fundraising for NHS Charities Collectively; the nationwide charity elevating funds to assist NHS workers, sufferers and volunteers stated, “We’re excited to work with the staff at BOPP to showcase the benefit of donations utilizing QR codes but in addition the broader use of BOPP as a donation methodology. Offering a brand new and simple approach to donate securely and safely with out the necessity for donors to enter card particulars, is one thing we’re eager to supply.”
Anybody can go to the BOPP web site to register, and obtain the BOPP app from the Apple or Google Play shops, now.
The staff at Agitate, creators of BOPP, construct safe scalable know-how for each enterprise and shoppers. It began in 2017 and is an organization of economic companies professionals, builders and engineers with a imaginative and prescient of creating and receiving digital funds simple for everybody with a checking account. It combines decentralised identification, blockchain and Open Banking to ship digital options match for the 21st century. BOPP is regulated by the Monetary Conduct Authority (FCA) within the UK.
Octopus Group for Agitate