The company wants to use this product to change the financial industry by increasing accessibility, fostering competition, and providing personalised and innovative financial services. Open Banking API offers a range of uses for both merchants and customers. For merchants, this payment solution provides the opportunity to expand their businesses in the UK and Europe.
Lower transaction costs can be possible because of fewer intermediaries, and advanced fraud detection and prevention using existing bank security features and protocols. On the other hand, for customers, Open Banking API offers the possibility to reduce service costs, advanced security backed up by clients’ banks, transparent banking for increased trust and clarity.
One of the offerings of Open Banking API is its advanced chargeback alert and analytics system. This system continuously watches all transactions and helps protect businesses from chargebacks, which can be a costly and time-consuming process.
Access to the merchant account management system is protected by a two-factor authentication system, which helps prevent any potential break-ins. This ensures that businesses’ payment data is always kept safe and secure.
Businesses can choose from different integration types that fit their needs and start accepting payments immediately. The solution offers 24/7 technical support to help businesses with any issues or questions they may have.
These companies can request specific features to be developed on-demand to widen their business opportunities. This means that businesses can tailor their payment processing solution to their needs, providing a customized experience for their customers. Open Banking API provides real-time reporting, allowing businesses to get instant access to key financial information.
In addition to international support, the company brought an electronic wallet to the European country. The wallet can manage multi-currency accounts while integrating batch payments and generating invoices. In effect, clients can save on currency commissions and avoid unnecessary paperwork.
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