YOU’VE HEARD THE OPEN BANKING-HYPE BEFORE, BUT NOW THIS TECHNOLOGY IS TAKING OFF IN THE UK – FOR REAL

Already popular in Sweden and the trend-setting Nordic nations, Open Banking allows shoppers to pay for purchases directly from their bank account using existing funds.

British banks’ new and improved Open Banking APIs now make it possible for retailers to integrate Open Banking payments in their shops and open the door to instant purchases, less fraud, better UX and the possibility to achieve more competitive pricing.

However, the APIs are just the beginning. To take full advantage of Open Banking, you may need a partner who can help you accelerate payment settlement and refunds while expanding your cross-border reach.

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This article was also published in The Retailer, our quarterly online magazine providing thought-leading insights from BRC experts and Associate Members.

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