Instant transfers (Open Banking)

Open Banking: instant transfers for more business

What is Instant Transfer (Open Banking)?

Regulated by PSD2 in the European Union, Open Banking is a customer consent-driven banking practice that provides Third-Party financial service Providers (TPP) open access to consumer banking information, transactions, and other financial data from banks and non-bank financial institutions, using API.

 

These APIs enable secure communication between banks and external services. 

 

Consumers can use Open Banking to pay as an alternative to traditional card payment methods or aggregate their bank account information into a single view or dashboard.

Instant transfer benefits

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Streamlined access

No need to sign off bilateral agreements with banks to access bank services.

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Cost-effective services

Free of charge access to PISP and AISP services of the banks.

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Financial inclusion

The ability to use alternative payment methods to cards. Access to more financial products and services with greater control over personal information.

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Higher Conversion Rates

The streamlined checkout process with fewer steps leads to less cart abandonment and higher conversion rates, particularly on mobile devices.

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Data Privacy and Security

Eases clients’ concerns about sharing card data with third parties due to privacy, fraud, and security concerns.

Integration overview​

Two options for presenting available payment methods to merchant customers:

  • Redirect the Payer to the PayU-hosted payment page, or

  • Display the payment methods on the merchant’s checkout page (transparent checkout).


Displaying payment methods on the merchant’s checkout page requires more technical effort and configuration​.

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