Pay by Bank Account? Worldpay from FIS Enables Instant Payments from Your Bank Account through Open Banking Hub
Key facts
- Open Banking Hub allows shoppers to pay for goods and services directly from their bank account in real-time, without needing to share their account details with a third party.
- New payment solution enables instant payments from buyers’ bank accounts when shopping online, simplifying the process for merchants to offer pay-by-account services to consumers.
- Consumers can also see their bank account balance during online checkout, providing greater control and transparency over their finances.
The open banking movement is reshaping the global banking and payments industry, giving consumers greater access and control over their financial data through the use of open application programming interfaces (APIs). However, the move toward open banking is also presenting challenges for merchants in complying with a range of standards for accessing API-based networks and offering new payment options to shoppers.
Worldpay’s Open Banking Hub simplifies the process for merchants by providing a single API integration to banking providers. When consumers make a purchase via a mobile device through the Open Banking Hub, they are automatically redirected to their banking provider’s app to complete their order. During the online checkout process, the solution intuitively allows the shopper to see their bank balance, choose which account they’d like to pay with, and then make the payment in real-time.
For shoppers who have requested a refund, the solution also allows merchants to credit those bank accounts in real-time, providing a superior experience and greater choice to their shoppers.
“Simplicity is key to meeting the expectations of today’s consumers,” said
“By breaking down barriers to innovation in the industry, the open banking movement is making banking services more convenient, better tailored and fundamentally smarter for consumers,” said Imran Gulamhuseinwala, Implementation Trustee of the Open Banking program funded by the
In a report from Ovum, alternative instant payments, including those like the Worldpay Open Banking Hub, could overtake card payments online in 2024.1 The Open Banking Hub is available to consumers and covers all major banks in the
About FIS
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in
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1 Ovum, “Instant Payments and the Post-PSD2 Landscape: Reshaping the retail payments market.”
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Senior Vice President
kim.snider@fisglobal.com
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