What is it?
By using Open Banking infrastructure your customers will be securely redirected from your checkout page to their bank account provider where they will log in and authorise their payment to you.
How will it benefit my business?
- We have created a quick and easy customer journey where your customers don't need to input bank account or card information which should result in fewer abandoned baskets. You won't need to securely store card data either.
- Fraud risk is reduced, as your customers verify and authorise payments from within their bank's online bank service or app.
- As your customers payments are processed using Faster Payments, most will arrive immediately, or within two hours helping to improve your working capital.
- Potential reduction in the cost of payment collection through less card interchange charges and fees.
- You are in control of the payment reference, which is visible throughout the payment journey, making reconciliation easy when you receive the payment.
