What is open banking and how does it work

Open banking and how it works?

Open banking is turning into a global trend in the EU and UK as they lie in the SEPA zone. Open banking provides vast opportunities for banks and financial institutions to reinvent their legacy systems via fast-developing technologies such as FinTechs, Microservices, and APIs. One example of open banking is “Googlepay” which is directly connected to your bank accounts, wherein anyone can send and receive the payment directly from their bank account. Open banking is the same however this will be connected to your website through an open banking API integration any client who wishes to use your service can make the payment directly via their bank account to your bank account. Open banking solutions are building momentum globally. The use of the open banking API platform enables banks to partner with FinTechs to build new and better digital experiences for end users.

The benefit of Open Banking in the high-risk segment

Safer – no sensitive information is collected by our systems.
Faster – instant direct settlement to your account.
Cheaper – an average of 90% cheaper than card transactions by VISA, Mastercard, Amex, etc.
Fixed monthly fee – from as low as £25 per month and 0%.
Zero % – We don´t charge a percentage fee nor impose a cap on the size of the transactions, No Recharges, no retentions, and no percentage charge.
Instant account opening – ready to start transacting.
No shopping cart or e-commerce system is needed – we supply a cloud-based system and tech support.
Chargeback free – this will give you a piece of mind.

Open banking API providers – There is multiple open banking service provider in the market for the EU and UK region.

1. Nodapay – Receive direct bank payments from e-customers via Noda’s alternative to classic card-acquiring schemes.
2. Paybyclick – This is one of the UK-based fintech firms that provide open banking solutions with competitive rates.
3. Offshore Gateways – This is a multinational-based Payfac provider they also provide open banking solutions to high-risk merchant
4. Payment Clarity – We are Hongkong based Payfac provider, we support all types of high-risk merchants who are looking to target the EU and UK regions for their business.

We can help you to secure approval for any kind of business who are looking to target the EU and UK market. With an open banking platform, you can have a very minimal fee structure. This solution can give you a piece of mind since this is a chargeback-free solution with instant payout to merchant bank accounts.


#Open banking API

#Open banking platform

#Open banking solutions

#Banking API providers

#Open banking API platform

#Open banking API providers





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