The payment is settled between the buyer and biller bank.
invoice notification – SMS, email, mobile banking app
Using the embedded link the buyer (PSU) initiates a PIS with a pre-filled payment request containing all the invoice details. BankiFi re-directs the buyer (PSU) to their ASP to grant consent and provide 2 factor authentication (SCA).
On the due date, BankiFi automatically creates a Request to Pay (RTP) and sends it to the buyer. This request pbints the buyer to the related invoice details and is used as a basis to create a pre-filled payment initiation request.
The buyer has given consent to access its AIS information at the buyer bank. Based on this information, BankiFi reconciles the invoice with the payment data and updates the invoice status in the ERP package.
The SME (biller) first exports the invoice and its details from the accounting package to BankiFi.
The buyer can import the invoice into their accounting package. BankiFi in this case translates the invoice data from the format in which it was received (based on the bller’s ERP system) into the format of the buyeb’s accounting package.
request to pay
The biller sends and invoice to the buyer via the chosen channel of communication between the biller and the buyer (for example, SMS or e-mail). The SMS/e-mail contains a link to the detailed invoice information in BankiFi.