Enhanced data can be used to provide quicker access to the underlying business transaction and payment details. For example, this could enable payees and payers to identify the reasons for the payment, as soon as it is received or taken out from an account.
The following high level use cases identify the key customer segments where Enhanced data could be utilised:
|Commercial customers||Enhanced data could offer benefits to utility bills, invoicing, and salary payments, to mention a few use cases. Reconciliation savings, receiving and ability to provide enriched information would be the key benefits.||Message fields within the payment instructions could be utilised to capture and carry, remittance details, tax information, e-invoices, bill information, salary details, and a link to documents.|
|Retail customers||Enrichment of the customer experience for retail customers, with pertinent information being made available quicker.||A customer sending a payment for a lunch or paying a sole trader could include a personalised message, details of a receipt, a URL / link to a receipt / bill within the payment instruction.|
|Government organisation||Enhanced data can be used to carry the details of benefit payments or tax notifications with the payments. This will enable the payees to get quicker access to the information avoiding calls, reducing fraud, reducing payment errors and additional reconciliation effort for government departments.||Designated fields within the payments instruction or a URL can carry additional information about attachment of earnings, housing benefit, universal credit, council tax, road tax, corporation tax etc.|
The above represents just a small selection of use cases. As part of the scoping phase for the project, we are now seeking to work with the market to identify additional high-value / low-friction use cases.