What is Open Banking?
Open Banking is: ‘The secure way to give providers access to your financial information.’ Essentially, it’s a regulated, secure way for consumers to allow banks, merchants, or any other business, access to their bank account information, so they can receive a clearer view of finances, quick and easy payments and the ability to shop around with ease.
What is Payment Initiation?
Payment Initiation Services (PIS) are one of the key functions of Open Banking. From a consumer’s point of view, it’s the ability to seamlessly and securely pay for their goods and services directly from their bank account, within the usual online checkout process.
What are the benefits?
Open Banking payments move money almost instantly and in a highly secure way, so they deliver a higher rate of settled transactions and remove the risk of chargebacks. Plus, you have a fixed fee structure, which simplifies payment costs. These advantages can add real value to your merchants and help you set yourself apart from more traditional acquirers who are still card-focused.
How can Open Banking benefit your business?
Talk to one of the Tribe today.
-2.webp)
LinkedIn: Tribe Payments
.png)