What are open banking payments? Why should I use them?

Created by Isaac Harper, Modified on Thu, 16 Jun 2022 at 06:14 PM by Isaac Harper

Open Banking payments are payments made by moving money directly from one bank account to another without any intermediaries. This is in contrast to card payments, which involve a number of intermediaries who all take a fee for their part played in the payment.


Here are some of the key benefits for integrating Open Banking Payments:

  • Seamless, instant, and low-cost - allow users to pay instantly with just a few clicks, without needing to enter card or bank details (only need to authorise the payment via banking app or website), and minimise processing fees to nearly zero.

  • Minimise fraud - Zero data entry, instant account ownership verification, and bank-level authentication ensure the highest level of security standards, minimising fraud and enabling no chargebacks.

  • Easy integration -  Our hosted payment gateway can be easily installed via SDKs, open APIs, or eCommerce plugins- we also have our own iOS and Android apps to take payments in-store with QR codes, NFC cards, and payment links.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us how can we improve this article!

Select atleast one of the reasons

Feedback sent

We apprciate your effort and will try to fix the article