Open banking platform VibePay has been granted approval by the UK Financial Conduct Authority (FCA) to launch its first solution.
VibePay secured authorisation to provide payment initiation services and account information services and is now aiming to initiate operations in September 2019.
Luke Massie, CEO, VibePay, commented: ‘The VibePay app makes it easier for groups of friends to plan and pay for their social activities.
“It takes the pain out of collecting council tax from flatmates and planning holidays with friends.”
With PSD2 coming into play and creating a more competitive market, VibePay was initially developed to replace the third party payment provider previously used on its secondary ticketing company Vibe Tickets.
Massie recognised the potential to develop something that can extend further than just its ticketing arm and in due course created its own direct-to-bank payment solutions via open banking.
The firms debut product in the UK will be a peer-to-peer payment app for mobile that aims to simplify organisation of money and events in friendship groups.
Furthermore, the firm revealed it will also launch its own B2B solution, enabling users to pay money direct from their bank when using ecommerce sites.
Massie concluded: ‘At Vibe, we understand young consumers and build products that add value to their everyday lives.
“We’re excited to bring merchants and marketplaces an engaged, transactional and highly targeted user base.”
