Clear Junction announces a new service for Open Banking vendors

Clear Junction has been working on a new and improved e-wallet solution that adds value to Open Banking providers. Payment Initiation Service (PIS) licences tend to be very specific and do not enable providers to hold merchant funds. This means that merchants need to strike an agreement with an Open Banking provider and a separate arrangement with a bank or a payment service provider.

With Clear Junction’s new e-wallets for merchants, Open Banking providers partnered and integrated with Clear Junction can approach merchants and simultaneously offer them Open Banking technology and settlement and collection accounts. Thus, their customers can benefit from a one-stop-shop solution which reportedly minimises the onboarding and integration effort required.

Clear Junction provides Open Banking providers with a master e-wallet through which they can generate sub e-wallets for each of their merchants. The merchants can send and receive payments in and out of their e-wallets (which are held and operated by Clear Junction and integrated into the Open Banking provider’s platform).

These e-wallets are connected to both Faster Payments and SEPA Instant payment rails meaning GBP and EUR payments are collected and reconciled instantaneously. It serves as a complete solution that improves the customer offering of Open Banking providers. This additional workflow efficiency is expected to further increase the competitiveness of Open Banking compared to card acquiring.