Open Banking payments

The Open Banking method enables users to initiate payments directly from their bank accounts using secure, API-based connections. Instead of entering card details, Customers authenticate and approve the payment through their bank’s interface.

The Method provides a secure, cost-efficient alternative to card payments by enabling direct bank-to-bank transactions. It is particularly beneficial for Merchants looking to reduce processing fees, improve payment security, and offer localised payment options.

• Geography: Europe
• Supported currencies: EUR, GPB

How it works?

The Open Banking payment method is based on a Redirect flow, where the Customer is temporarily redirected to their bank to authorise the transaction.

Payment Flow

1. The Customer selects Pay by Bank at Checkout.
2. The system retrieves a list of available banks.
3. The Customer selects their bank.
4. The Customer is redirected to the bank’s authentication page.
5. The Customer logs in and approves the payment.
6. The bank processes the transaction.
7. The Customer is redirected back to the Merchant’s website.
8. The payment status is displayed (success or failure).

Open Banking benefits

Broad Bank coverage

Merchants can access multiple banks and financial institutions across supported regions, including European Providers through a single integration.

Higher conversion

In regions with strong Open Banking adoption, users trust bank-based authentication flows. This can lead to higher payment success rates, especially for Customers who prefer not to use cards.

Faster settlement

Payments are typically authorised in real time and can be settled faster than card transactions, which often require additional operational cycles.

Enhanced security

• Authentication is performed directly by the Customer’s bank.
• Strong Customer Authentication (SCA) is enforced by banks.
• No sensitive payment data (e.g., card details) is shared with the Merchant.

This significantly reduces the risk of fraud and data breaches.