ECOMMPAY Launches New Open Banking Payments System For UK Market
- Open Banking , Payments
- 30.09.2020 03:11 pm
International payment service provider and direct bank card acquirer, ECOMMPAY, has today announced the launch of its new payment system Open Banking by ECOMMPAY, which enables consumers to initiate online payments to merchants.
The London-headquartered company’s new payment system leverages open banking’s requirement for banks to allow third party financial service providers to initiate payments on behalf of customers via APIs. The system plugs into over 48 partner UK banks, with customers of the likes of Barclays, HSBC, Lloyds and Monzo able to utilise the real-time, safe and simple payment solution.
Open banking payments are authenticated directly between banks and consumers so that, unlike direct debits, the risk of chargebacks being generated due to fraud or an inability to capture funds, is eliminated. Because there is no need for a debit or credit card to be used, card fees are cut, and card details do not need to be shared with third parties, speeding up the payment process.
Consumers simply select bank transfer as a payment method during their checkout process, when they are redirected to their bank’s secure environment to complete the transaction. ECOMMPAY handles the payment process between the merchant and the bank, resulting in a one-stop payment solution that allows customers to make payments within a familiar and trusted banking environment.
The system is designed for UK businesses, as well as those expanding into the UK. Upon entering a new market, businesses would previously need to build a local banking relationship to facilitate the collection of direct debit payments and navigate complex legal requirements, licenses, and compliance issues. With Open Banking by ECOMMPAY, businesses can instead use one simple, secure, real-time payment solution with no need for card transactions, ensuring increased conversions and a more cost effective payment solution. The company plans to expand the system across Europe in the coming months.
ECOMMPAY has enjoyed steady growth since its launch in 2012, and has built a global presence with six international offices and operations in key markets including Asia, Europe, Africa, Russia and the UK.
The company is a principal member of Visa and Mastercard, and a member of Visa Direct and MoneySend, as well as being the first payment provider on the PayPal Commerce Platform and the first acquirer to implement a Mastercard Dashboard.
Paul Marcantonio, Executive Director of ECOMMPAY, commented: “Open Banking for the UK by ECOMMPAY will allow us to support both large and medium businesses with an online presence by facilitating the acceptance of payments directly from their customer’s bank accounts.
“Fast, safe and secure payment methods are vital now more than ever as businesses move online to respond to shifting consumer behaviours, and as the pandemic results in a surge in fraud and cyber-crime. This new service joins our growing portfolio of payment products, enabling us to continue to support businesses to scale at the rate they need, and enjoy payment solutions that match their requirements. Our new product for the UK is just the beginning- ECOMMPAY will soon announce a global Open Banking solution.”