Instant bank payments, the easier way for your customer to pay
The better way for your customers to pay you, directly from their bank account.
Real-time payments, enhanced customer experience and bank-grade security.
Payments are received instantly and in full to your account – directly from your customers, improving cash flow and reconciliation. Fraud is considerably lower than associated cards and chargebacks are eliminated.
Receive payments instantly
Open banking allows for instant payment transfers between bank accounts, without the need for intermediaries such as payment processors. With open banking, payments can be initiated and completed within seconds, providing businesses and individuals with faster, more efficient payment options. This can greatly improve cash flow and reduce the risk of late payments or transaction errors.
Compared to traditional payment systems, open banking significantly reduces the risk of chargebacks, since payments are made directly between bank accounts and there are fewer intermediaries involved. This results in faster, more secure transactions, with less risk of disputes or chargebacks.
Simple integration into existing systems with the use of standard APIs and communication protocols. This means that businesses can easily connect their systems to open banking platforms and start offering instant payments and other innovative payment services to their customers. Additionally, since open banking is regulated, there are strict security and compliance measures in place to protect customer data and ensure the integrity of the payment process, which can further simplify integration for businesses.
Multiple use cases and can be used for various payment scenarios, including e-commerce, peer-to-peer transfers, bill payments, payroll, and more. Open banking platforms can also enable businesses to offer customized payment solutions to their customers, such as installment payments, subscription-based payments, and loyalty programs. With the flexibility and efficiency of open banking payments, businesses can create new revenue streams and provide better payment experiences for their customers.
Open banking payments have embedded Strong Customer Authentication (SCA), which is a security protocol mandated by the European Union's Payment Services Directive 2 (PSD2). SCA requires customers to authenticate themselves using two or more factors, such as a password and a biometric factor like a fingerprint or face scan. This helps prevent fraud and ensures that only authorized individuals can initiate and complete transactions. By embedding SCA into open banking payments, businesses can provide their customers with a secure and trustworthy payment experience while complying with PSD2 regulations.