Merchant and financial service technology specialists, FIS has announced its Open Banking Hub, a new payment solution for its Worldpay merchant clients and their consumers.
The implementation of the hub can boost efficiency within the transaction for merchants, allowing consumers to pay for purchases directly from their bank account, while also allowing consumers to view their bank account balance in real-time during the checkout process.
Open banking is playing a key role in the global banking and payments industry’s evolution, providing consumers with greater access and control over their financial data through the use of open application programming interfaces (APIs).
Asif Ramji, Chief Growth Officer, FIS commented: “Simplicity is key to meeting the expectations of today’s consumers. The beauty of our Open Banking Hub is that it allows merchants to offer real-time pay by bank account options to consumers and the ability for consumers to see their bank account balance during the sale – all without needing to share account details.
“Merchants that invest in digital payment options that provide consumers with greater control over their finances, will be the ones to capture the attention of today’s digital-native shoppers.”
Worldpay’s Open Banking Hub looks to simplify 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.
Imran Gulamhuseinwala, Implementation Trustee of the Open Banking program funded by the U.K. Competition and Markets Authority added: “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.
“To see technology leaders like FIS bring to market a new payment product based on open banking is a powerful testament to the growing market adoption of this new model.”
