Ecommpay, a leading international payments service provider and direct bank acquirer, launches Open Banking Select - the latest addition to Ecommpay's integrated Open Banking payment suite. It offers greater control and scale over payment routing options, a consistent user experience, and all the features of Open Banking Advanced. By introducing Open Banking Select, Ecommpay becomes the first and only payment provider to orchestrate card payments and Open Banking transactions via a unified proprietary platform.

Open Banking Select includes integrations with top-tier Open Banking providers, with Token leading the way, as well as Neopay and Nuapay. Merchants interested in harnessing the benefits of Open Banking Select with pre-existing partnerships will be able to unify their payment flows by adding their current and preferred trusted Open Banking partners to their payment ecosystem, subject to Ecommpay’s rigorous criteria. 

Open Banking Select includes a variety of beneficial capabilities including having additional control and personalisation options over their payment routing, enabling further scalability and regional expertise. eCommerce vendors will also benefit from additional features including access to the fastest bank rails in the EEA and UK,  and a dedicated local IBAN – meaning only one bank account is needed to receive payments. Additionally, businesses can enjoy effortless payout and refund processes facilitated through a user-friendly client dashboard, resulting in a 60% reduction in refund processing time.

Merchants also gain advantages through an automatic notifications system when funds reach the account eliminating the need for manual checks and payment verifications, with comprehensive reconciliation reports provided daily or weekly based on business needs. 

Select is one of the three service tiers offered through Open Banking by Ecommpay, these include:

• Account2Account for small businesses who would like to move away from traditional manual bank transfers to modern A2A payments and benefit from Open Banking functionality and benefits – including authenticated users and time savings via descriptor automation
• Advanced for medium and large companies to access more capabilities from diversifying revenue streams to entering new markets
• Select for medium and large companies, as well as Open Banking partners, to unlock Ecommpay’s most comprehensive, customisable, and controlled payment experience

Moshe Winegarten, Chief Revenue Officer at Ecommpay, comments: "As an established, international PSP, we have over a decade of experience in providing a tailored experience for online businesses. This latest addition to Open Banking by Ecommpay underscores that commitment to offering merchants the most innovative and flexible capabilities. Select will enable eCommerce vendors to unlock new revenue streams and optimise operations. The payments industry is ready for Open Banking innovation and Ecommpay is driven to provide the best possible solutions."

Todd Clyde, CEO at Token.io, comments: “This partnership exemplifies our mutual commitment to making Open Banking-enabled payments a mainstream payment method in Europe. Token.io's best-in-class connectivity, сombined with the power and capabilities of Ecommpay's suite of advanced Open Banking payment products, provides the highest success rates in the industry, as well as substantial growth and expansion opportunities for merchants.”

This enhanced Open Banking offering is a part of Ecommpay’s in-house, integrated solutions as it continues to provide a complete payment infrastructure with orchestration of both direct card  acquiring and Open Banking. Its proprietary platform allows complete control and ultimate scalability with local and global payment methods, payouts, and more - all backed by dedicated support. As a fully licensed and regulated PSP, Ecommpay safeguards funds, guarantees payouts and refunds, and streamlines operations to minimise risk and error, whilst sharing real-time payment global confirmations.

Arthur Ribakovs, Director of Financials Partnerships at Ecommpay, adds: “This new addition to Open Banking by Ecommpay not only presents opportunities for online businesses but also collaboration within the payments industry. By integrating partners we are able to provide the very best service for our merchants, while continuing to push the industry forward. We’re excited about the possibilities of more great partnerships that Select opens up for us and are looking forward to exploring those at Open Baking Expo.”

Ecommpay will be officially unveiling Open Banking Select on the Retail stage at the Open Banking Expo 2023, on the 19th of October. This event will not only feature the announcement but also include a comprehensive showcase of Ecommpay's innovative Open Banking full suite and detailed insights on how businesses can harness Ecommpay's Open Banking solutions and the transformative capabilities of Select, extending beyond typical account-to-account payments. To find out more about Ecommpay’s offering, please visit: https://ecommpay.com/products/open-banking/