International payment service provider and direct bank card acquirer, ECOMMPAY, has launched its new payment system Open Banking by ECOMMPAY.
The new solution assists consumers to initiate online payments to merchants. It leverages open banking’s requirement for banks to allow third party financial service providers to initiate payments on behalf of customers via APIs. The system plugs into over 48 partner UK banks, with customers of the likes of Barclays, HSBC, Lloyds and Monzo able to utilise the real-time payment solution.
Consumers select bank transfer as a payment method during their checkout process, when they are redirected to their bank’s secure environment to complete the transaction. ECOMMPAY handles the payment process between the merchant and the bank.
The system is designed for UK businesses, as well as those expanding into the UK. Upon entering a new market, businesses would previously need to build a local banking relationship to facilitate the collection of direct debit payments and navigate legal requirements, licenses, and compliance issues.
The company is a principal member of Visa and Mastercard, and a member of Visa Direct and MoneySend.
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