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.

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