Tribe Payments launches Bankbox to ease access to banking systems

Payments technology company Tribe Payments has announced the launch of Bankbox.

Bankbox is an API-led, agnostic module that provides issuers and acquirers access to banking systems and rails such as Faster Payments in the UK and Automated Clearing House in the US.

Part of Tribe Payment’s modular platform ISAAC, Bankbox is designed to help programme managers - who have card services or a digital wallet - and acquirers - that are accepting payments on behalf of a merchant – add banking services to their products. The module works in conjunction with Tribe’s Digital Wallet module for issuers or its Acquirer Processing module for acquirers. Alternatively, the stand-alone module can be integrated via APIs into existing payment systems.

In addition to easing access to banking systems, the launch of Bankbox helps programme managers accelerate their Open Banking efforts. Payment companies - and the merchants and consumers they serve - are looking to capitalise on Open Banking payments. Open Banking payments are authenticated directly between consumers and their banks. This means unlike with card schemes and direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds, as well as reduce processing costs.

Earlier this year, Tribe partnered with Starling’s Banking Services to offer real-time access to Faster Payments and direct access to Bacs (Direct Debits and Credits).