Payment service provider Ecommpay has introduced a suite of Open Banking solutions designed to support businesses in handling digital transactions. According to a LinkedIn post from the company, the new offering, built internally, covers around 85% of banks in the European Economic Area (EEA) and the United Kingdom. The company has developed three separate products under its Open Banking framework. Each product is structured to address different payment requirements, from simple account-to-account transfers to orchestration across multiple providers.
Three-tier approach to Open Banking
The first product, Standard Account-to-Account, enables direct transfers between bank accounts. This service is positioned as an alternative to conventional bank transfers by incorporating instant settlement and features such as automated transaction descriptors and additional security checks.
The second product, Open Banking Advanced, extends functionality by allowing businesses to process incoming payments alongside managing refunds and payouts. According to Ecommpay, the inclusion of immediate payment confirmation and simplified reconciliation is intended to reduce administrative complexity.
The third product, Open Banking Select, serves as an orchestration platform. It connects businesses with a range of Open Banking providers, acting as a central hub for integrating both established and newer players in the sector. This approach aims to give merchants wider flexibility when choosing service partners.
Ecommpay’s expansion into Open Banking reflects ongoing demand for instant and secure payment methods across Europe. While adoption of Open Banking has accelerated in recent years, coverage and service consistency remain a focus for providers looking to standardise experiences across different jurisdictions.
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