The partnership is aimed at delivering its open banking payments solution with coverage for over 285 Canadian financial institutions.
The move towards open banking is presenting challenges for business in complying with a range of standards for accessing API-based networks and offering new payment options to consumers. VoPay aims to simplify the process for merchants by providing a single API integration to banking providers.
As a result of the partnership, business can now offer more consumers access to a streamlined bank payment experience while accelerating payment speed, verifying bank accounts and reducing NSFs.
The partnership is part of VoPay’s ongoing commitment as an open banking payments provider to offer one API to optimize EFT payment processing, in this case for new and existing Inverite customers. Existing customers will be able to take advantage of their existing data integration with Invertie by leveraging their data tokens and have users skip all the authorization access and bank account selection steps, further streamlining the payment check out experience.
Through the partnership, VoPay will be connected to Inverite’s network of more than 285 financial institutions, providing open banking EFT payments solution in Canada.
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