Open Banking
Supercharged
Unlock the Open Banking opportunities by empowering them with a payment account with dedicated IBANs and UK account numbers, unlimited virtual accounts and Instant SEPA and Faster Payments rails.
Understanding
Open Banking
The shift to Open Banking in Europe offers banks and fintechs new opportunities to create differentiation and generate new revenues. Open Banking is a technology-driven evolution of the banking business leading to more transparency, customer choice and control over financial assets and personal data. They allow trusted organisations to access customers’ bank data to create new products and services tailored to the needs of the consumer. Open Banking enables customers to initiate payments, provide credit and identity verification and receive funds without the need to set complex bank transactions.
Is it Important?
After a slow start, Open Banking is quickly growing. In the UK, for example, it is expected to reach 10 million monthly payments in the first half of 2023. The number of Open Banking users worldwide is expected to grow at an average annual rate of nearly 50% between 2020 and 2024. Juniper Research estimates the global value of Open Banking payments will exceed $116 billion by 2026, up from $4 billion in 2021.
What do you need
to succeed?
There are a growing number of Open Banking platforms available in the market. These platforms are plugged into most UK, and European Banks and the number of bank connections globally continues to rise with the promise of faster and lower cost cross-border payments. Paynetics works with most platform providers so that our partners can choose the best platform for their requirements while being confident that it will easily integrate into their Paynetics programs.
Real Time Banking
Open Banking runs on the real-time payment rails that connect banks together. Paynetics supports the UK’s faster payment and Europe’s SEPA Instant services, providing the fundamental backbone to Open Banking.
Account Provision
Open Banking, at its core, relies on the consumer / business having a bank account. Paynetics provides IBAN accounts in Europe and Sort Code/ Accounts in the UK. This in combination with our real-time banking APIs, provides a perfect foundation for creating Open Banking programs.
Virtual accounts
Receiving bank transfers from multiple clients and purposes can increase the reconciliation complexity. Opening multiple payment accounts can be costly and can impact your accounting efficiency. With Paynetics, you can open unlimited virtual accounts linked to a single payment account, resolving reconciliation issues at a very low cost.
Compliance and Financial Crime
Open Banking builds upon the existing banking infrastructure by adding an API layer. Trusted parties can access banking data and services with customer permission. As experts in Compliance, anti-money laundering and Financial Crime prevention, Paynetics has vast experience keeping customer funds safe and secure.
Acquiring and
Loading Funds
Paynetics is a leader in card acquiring and funds transfer using banking payments. Open banking provides an exciting new capability to pay for goods and send funds directly from a bank account without leaving the mobile application or e-commerce site. This creates a much better customer experience and avoids the need for providing or lodging card details.
Paynetics supports many merchants and businesses by providing a bank account as part of its acquiring service.
Businesses can accept card payments, bank payments and Open Banking payments into a single account.
For Aggregators, scale is important. Processing a large payment run or payroll may generate thousands of transactions that must be processed in real-time. Paynetics has a proven, scalable architecture seamlessly integrated into European and UK real-time payment services such as SEPA Instant and FasterPay
Future
Open Banking is still in its early days. With adoption increasing, new use cases emerge daily alongside new capabilities, such as deploying Viable Recurring Payments and cross-border payments. We believe in the future of Open Banking and recognise our role in providing the base infrastructure so our partners can choose the best approach to create a new generation of Open Banking-enabled products and services.