“The latest campaign launch from the Confederation of British Industry (CBI) is testament to the power of fintech on not just economic growth, but setting businesses apart from the competition. Open banking payments is the latest innovation taking the payments sector by storm, by transforming previously underserved user experiences.

“Open banking payments, often called Pay By Bank, is a transfer of money from one bank to another. With open banking payments, you don’t need coins, notes, cards, or a good memory for long numbers. All a payment needs is your permission. And the permission is granted directly using the provider the consumer trusts the most – their bank.

"Where open banking payments are having the most success right now is where the user journey of the incumbent payment method is deficient. By harnessing the power of fintech and open banking to eliminate friction at the point of payment, merchants can make sure they're not losing sales or eroding loyalty as a result of a poor experience."