Also known as Payment Initiation Services or PIS – open banking payments is a fast, transparent (in terms of pricing), and secure payment method, directly between two bank accounts.
In this post, we share a selection of reasons why businesses of all types – retailers, lenders, utility or subscription-based companies, or any other type of business, should consider adopting open banking as a payment method. Some of them, such as lower costs and reduced fraud, are quite straightforward. But others – such as future innovation and the flywheel combination with Account Information Services (AIS) – are less obvious but can come with an even greater ROI.
- Lower your cost of doing business
- Provide a seamless, secure payment flow for your customers
- Reduce fraud
- Benefit from faster cash flow
- Sell across Europe
- Set and forget with recurring payments
- Buy into innovation
- And finally, gain from a flywheel effect with account data
Read more in-depth information about the 8 advantages and how to apply them here.