Peter Cornforth ([email protected]) Let’s fix fraud Request Answer Pay

Meet our team Mike Chambers is a recognised authority on retail payments. As Chief Executive Officer of Bacs Payment Schemes Limited (Bacs), he led the UK’s biggest retail payment system, from 2004 until 2018. During this time, he successfully steered the company through a record number of payment processing, technological, regulatory and innovative customer proposition ‘firsts’ including extending Bacs’ product offering to include the ownership, management and market adoption of the Current Account Switch Service (CASS) and the Cash ISA Transfer Service. Mike Chambers, Chairman A 35 - year veteran of the IT industry, having joined Systime as a graduate in 1984. Following 9 years with Unisys I founded Answer Digital in 1998 which has grown to become one of the most experienced and innovative digital software engineering companies in the UK. I span Answer Pay out of Answer Digital in Jan 2020 following a successful banking pilot of Request to Pay in 2019. Gary Parlett, Founder Finbarr Joy NED Peter Cornforth Comm. Director Ismail Bhana Head of Eng. Adviser @Tink, PPRO, EC, ECB, EPC and Berlin Group Ralf Ohlhausen Andrea Cordas Partner at Hellen’s Rock Capital and DMoonshots Ltd. Advisors

The Fraud Problem ...the level of fraud in the UK is such that it must be considered a national security threat” UK Finance Retail banks and their customers lose nearly £600M a year in Authorised Push Payment fraud in the UK alone. This and the cost of living crisis are putting more pressure on call centres with Barclays having to hire 1,000 additional staff. As more people turn away from direct debits due to the lack of control, businesses are sending more payment requests by text and email perpetuating this fraud vector. A typical scam text

Payers receive in your bank app and respond The Solution We enable consumers to aggregate all their bills in their banking app. This wins because: Increased Security You can trust the bills are real Reduced Cost Easier bill management means fewer call centre calls More volume Capture not just one transaction but all future ones More revenue Upsell additional services such as lending request answer pay 1. 2. 3. Billers send a payment request Payment is then initiated

How it works We take invoices and bills from multiple sources including Request to Pay schemes, ERP systems, cloud accounting software and direct access. Combined we cover all major billers 1. We provide a middle layer abstracting the complexity by standardising the bills into a common format and presenting a single “Request to Pay” API to the banks 2. You present the bills to your customers, retaining full control of the UX 3. Payments as a Service

60,000 businesses in Australia, 100m consumers in India and 23 US banks have already signed up to Request to Pay services in their region. (It’s now time for the UK) A global movement

VRP Low control RtP Maximum control The choice of payment method needs to be appropriate to the amount of trust you have in your biller<>payer relationship. Payment methods of the future will need to be interchangeable Mortgage payments Gym Subscriptions New relationships The future: Direct Debit 3.0

Find out more Our 3 minute pitch as part of Accenture’s FinTech Innovation Lab

Recognition and Investment Industry Recognition Investment Founders & Directors

Creating a fairer way to pay and get paid answer pay