Presents the Solution to the Late Invoice Payments Problem at ING’s Hackathon Presents the Solution to the Late Invoice Payments Problem at ING’s Hackathon
18.05.2017 08:45 am Presents the Solution to the Late Invoice Payments Problem at ING’s Hackathon

Payments , Infrastructure has presented a solution to the late invoice payments problem at ING's 24H-CodING Hackathon. The event took place in Katowice, Poland, May 12th &13th and gathered 55 teams from all over Europe.

CEO of Alex Malyshev said: “The ING's 24H-CodING Hackathon enabled our team to showcase the solution which addresses the problem of invoice payments. The traditional way of settling invoice payment is a long and complicated procedure which ultimately swipes cash from European SMEs and jeopardizes the functioning of the broader economy. The European Commission has even adopted the late payment directive in the attempt to ease the problem. However, technical changes are of critical importance. And it is a perfect timing now (meaning upcoming changes fostered by PSD2 and Open Banking) to try to fix the existing inefficiencies in the banking & payment space and deliver upscale services to end-customers”.

CTO of Pavlo Sidelov said: “We have used the synergy of ING Bank API and platform to cut dramatically the invoice payment cycle. It enables to decrease the traditional invoice payment journey from six to one step or even one click payment for trusted merchants. In this duet is responsible for invoicing processing while ING Bank - for payments. The mechanism is straightforward: on behalf of a merchant  issues and delivers an invoice to a customer digitally and initiates a payment from customer’s bank account directly to merchant’s bank account. As a result such an instant payment enables to avoid exorbitant commissions of VISA or MasterCard network, and grants a benefit of immediate access to funds for merchants. Our API-ready infrastructure allows to integrate invoicing and payment engines into any kind of current solutions including accounting software, in-house systems of merchants, CRM and ERP, and even invoicing services”.


Related News

Major Eurozone banks start the implementation phase of a new unified payment scheme and solution, the European Payments Initiative (EPI)

A group of 16 major European banks from five countries (Belgium, France, Germany, the Netherlands and Spain) paved the way for the future launch of the European Payments... Read more »

BNY Mellon To Deliver Real-Time Account Validation Services to Corporate and Bank Clients

BNY Mellon today announced a strategic collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this... Read more »

PPRO adds European Paysafecash to its robust local payment method platform

Today, PPRO, the leading local payments platform-as-a-service, announces that it has released a direct integration with Paysafecash, in a move that signifies the brand’s... Read more »

Paycircle and PayDashboard partner to fully digitise payroll and payday experience

Cloud-based payroll provider, Paycircle, and interactive payslip platform... Read more »

SumUp ramps up support for local businesses via Gift Card partnership with Google My Business

UK-based payments service provider SumUp (, today announces a  partnership with Google - which will... Read more »

Royal Bank launches ‘Tyl’ to help Scottish business build for the future

Royal Bank of Scotland has announced the launch of a new, innovative payments service in Scotland. ‘Tyl’ is designed to make it easier for... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel