Ecommpay has expanded its offering with the launch of its new payment system Open Banking by Ecommpay, which enables consumers to initiate online payments to merchants.
The London-headquartered company’s new payment system 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, safe and simple payment solution.
Paul Marcantonio, Executive Director of Ecommpay, commented: “Open Banking for the UK by Ecommpay will allow us to support both large and medium businesses with an online presence by facilitating the acceptance of payments directly from their customer’s bank accounts.
“Fast, safe and secure payment methods are vital now more than ever as businesses move online to respond to shifting consumer behaviours, and as the pandemic results in a surge in fraud and cyber-crime. This new service joins our growing portfolio of payment products, enabling us to continue to support businesses to scale at the rate they need, and enjoy payment solutions that match their requirements. Our new product for the UK is just the beginning- ECOMMPAY will soon announce a global Open Banking solution.”
Open banking payments are authenticated directly between banks and consumers so that, unlike direct debits, the risk of chargebacks being generated due to fraud or an inability to capture funds, is eliminated. It eliminates the need for a debit or credit card to be used, card fees are cut, and card details do not need to be shared with third parties, speeding up the payment process.
Consumers simply 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, resulting in a one-stop payment solution that allows customers to make payments within a familiar and trusted banking environment.