Open banking payments
Cardflo integrates open banking payments, enabling direct bank-to-bank transfers for your customers. This method bypasses traditional card schemes, potentially reducing transaction costs and enhancing security. Merchants benefit from real-time payment confirmation and reduced fraud risk, streamlining the payment process for both parties.
What you get.
- Facilitate direct payments from customer bank accounts to your merchant account.
- Reduce payment processing fees by eliminating intermediary card network charges.
- Improve payment security with bank-level authentication for each transaction.
- Receive instant payment confirmation for immediate order fulfilment.
- Offer a frictionless checkout experience without manual card data entry.
- Access a broader customer base with bank accounts but without credit cards.
Common questions.
What are the primary benefits of open banking payments for merchants?
Merchants benefit from lower transaction costs due to the absence of card scheme fees. Enhanced security through direct bank authentication and real-time payment confirmation are also key advantages, improving cash flow and reducing fraud exposure.
How does open banking improve payment security?
Open banking payments leverage the security protocols of the customer's bank. Transactions require direct authentication within the banking app or portal, eliminating the need to expose sensitive card details online and significantly reducing fraud vectors.
Is open banking available globally?
Open banking initiatives are most prevalent in the UK and EU, driven by regulations like PSD2. Its adoption is growing in other regions, but coverage varies. Cardflo provides specific regional availability and integration details for your operations.
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