VibePay launches Open Banking powered business payments

Thursday 16 April 2020 13:09 CET | News

VibePay, the enterprising ecosystem behind the social payments app, has announced its open banking driven offer for businesses.

The latest products will allow brands to process frictionless checkout and subscription payments online, increasing transaction success and reducing fees, whilst giving brands a gateway into their engaged Gen Z community. 

The VibePay Payments API powers payments for brands - both via online checkouts and subscriptions; the latter being hugely popular amongst Gen Z and traditionally expensive to process. 

The API is built on open banking and is one piece of the wider Vibe ecosystem. This includes the Vibe Data API, giving brands unique transactional insights into their Gen Z customers, made possible through the Vibe Pay app. The data API gives businesses insights into the products and services Gen Z care about, and frequently transact with.

The launch, which was planned for Q3 but brought forwards to help SMEs during the current uncertain environment, is intended to give businesses instant access to their funds, and improve cash flow, at a time when this is business-critical. 

With that, VibePay is offering SME businesses 3 months free to trial the technology and maximise its impact throughout the uncertainty of COVID-19. 

In addition, Vibe recently received approval from several other European countries, including Germany, France, Netherlands and Luxembourg, to start implementing banks into the Vibe Banking Gateway, the aggregation layer powering payments in the entire ecosystem. Vibe currently adheres to two open banking standards, the UK Open Banking standard and now the Berlin Standard.

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Keywords: VibePay, Open Banking, payments, SMEs
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech