Ecommpay launches Open Banking Select

Monday 16 October 2023 13:39 CET | News

UK-based international payments service provider Ecommpay has launched the Open Banking Select product to support online businesses.


This offering was designed to provide enhanced control and scalability for payment routing options, ensuring a consistent user experience, and incorporating all the features of Open Banking Advanced. According to the company press release, with the launch of Open Banking Select, Ecommpay becomes the inaugural payment provider to seamlessly orchestrate card payments and Open Banking transactions through a unified proprietary platform. 

Open Banking Select comes with integrations to premier Open Banking providers, including Token, Neopay, and Nuapay. For merchants interested in leveraging the benefits of Open Banking Select with existing partnerships, the option to unify their payment flows by integrating their trusted Open Banking partners, meeting Ecommpay's strict criteria, is available. 

Ecommerce vendors also gain access to the fast bank rails in the EEA and UK, along with a dedicated local IBAN, requiring only one bank account to receive payments.


UK-based international payments service provider Ecommpay has launched the Open Banking Select product to support online businesses.


Other advantages for merchants 

Merchants additionally benefit from an automated notifications system that informs them when funds reach their account, doing away with the need for manual checks and payment verification. Comprehensive reconciliation reports are provided daily or weekly based on business requirements. 

Ecommpay's Open Banking offering encompasses three service tiers: 

  • Account2Account: designed for small businesses looking to transition from traditional manual bank transfers to modern A2A payments, offering benefits such as authenticated users and time savings via descriptor automation. 
  • Advanced: created for medium and large companies, providing access to capabilities that help diversify revenue streams and enter new markets. 
  • Select: Targeted at medium and large companies, as well as Open Banking partners, offering Ecommpay's most comprehensive, customisable, and controlled payment experience. 

Representatives from Ecommpay emphasised their commitment to delivering innovative and flexible capabilities to online businesses through Open Banking Select. They anticipate that Select will be able to help ecommerce vendors unlock new revenue streams and optimise their operations. 

Ecommpay's new Open Banking solution is part of its integrated in-house solutions, providing a complete payment infrastructure with orchestration for both direct card acquiring and Open Banking. The proprietary platform affords control and scalability across local and global payment methods supported by dedicated customer assistance.

For more information about Ecommpay, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: product launch, Open Banking, online payments, ecommerce
Categories: Banking & Fintech
Companies: ECOMMPAY
Countries: United Kingdom
This article is part of category

Banking & Fintech


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