Open Banking For Acquirers
Giving customers the best experience possible has never been so important. Consumers want convenience, immediacy and personalisation. Open Banking offers you and your merchants a way to offer a slick, convenient way to pay - and it saves you costs too!
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 Tribe can help…
In 2020, Tribe launched initial compliance APIs for payments businesses to harness the power of Open Banking without developing their own APIs and we’ve continued investing in further Open Banking functionality.
Enable Online Banking Payments via your payment gateway (or ours!)
Tribe’s Open Banking offering enables acquirers to offer Online Banking Payments as a payment method for merchants to offer at the online checkout. Offering multiple payment methods can help merchants boost conversion rates and customer loyalty. Given the rapid global growth of Open Banking, the increasing demand from consumers and the faster, more certain volume of settled transactions Open Banking Payments can drive, this capability is becoming essential for all payments businesses to support.
We have teamed up with Tink, Europe’s leading Open Banking platform. This partnership enables Tribe to combine our issuer and acquirer services, with Payment Initiation Services (PIS) and Account Information Services (AIS) powered by Tink. This gives Tribe clients the ability to add and build Open Banking powered services that offer frictionless, personalised customer experience opportunities.