The open banking launch is designed to provide an alternative to card payments and bank transfers. Open banking payments use banks’ APIs to initiate a transfer from one account to another. Merchants provide the payment data, the customer initiates the payment and authorises it via their banking app or website. Banks handle the transfer through the most appropriate payment method.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.