Man making an easy open banking payment
Bank image for faster payments
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Open Banking Payment Services

Take secure faster payments for less

Customer payments are going through a revolution. New regulation and technology have put businesses on the front foot. Discover a safer, faster and more profitable future with Open Banking Payment services. Don’t get left behind … jump onboard.

Open Banking Explained

Open Banking refers to a framework contained in the second Payment Services Directive (PSD2), allowing tech companies to interface with banks to provide two services:

  • Account Information Services
  • Payment Initiation Services

What is PSD2?… essentially designed to tackle the rise in levels of fraud and increase the security of transactions, it allows existing banks & new technology companies to provide greater visibility and control over consumers money.

It has provided an increase to customer rights that include greater transparency, improved complaints procedures, better reporting, clear earmarking of funds and greater protection against surcharges.

Further information of the PSD2 Directive can be found here.

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How do open banking payments help me

How does That Help Me?

PayGuard® uses the Payment Initiation Service to help you take open banking payments from your customers. The reason you would use Open Banking transfers above taking a card payment are:

    • They cost you less
    • You receive the money faster
    • They are more secure

How Do Open Banking Payments Work?

Our engineers have made taking Open Banking Payments over the phone easy. In fact, it is as simple as taking a regular, compliant card payment. The process looks like this:

  • You login into PayGuard®
  • Set up the payment amount
  • Send your customer a real-time link
  • They authorise the payment
  • The money takes approx. 10 seconds to reach your account
Man making an easy open banking payment

Taking Payments Via Open Banking

Open Banking Uses Faster Payments

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What Are Faster Payments

Open Banking PISP’s (payment initiation service providers) use the Faster Payments scheme to complete bank transfers from your customer’s account to yours, or from your bank account to your customer’s in the case of a refund.

How long to Faster Payments take?

Faster Payments bank transfers complete within 2 hours, but on average take 10 seconds. No more waiting for your money to clear or place large security sums with card companies.

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Who Uses Open Banking Payments?

Lots of companies are starting to take open banking payments from their customers. Why? Because it just makes sense.

Any organisation looking to take payments in real time can use Open Banking’s Payment Initiation Service through a technology like PayGuard®.

PayGuard® allow customer payments in real time either online, over the phone, via web chat or social media.

From Insurance to Retail, Manufacturing to Services, businesses in all sectors are adopting this new way of receiving payment. The reasons are clear, it costs less, it is more secure, and they receive the money straight away.

Who uses open banking cityscape

Start Taking Open Banking Payments

To take advantage of the PSD2, and Open Banking, you need a technology like PayGuard®. After signing up to PayGuard®, you can add the Open Banking option to your account, and start receiving payments using the Payment Initiation Service.

There are some mandatory checks required by the FCA, but the process is simple and doesn’t take long.

Of course, if you have further questions please feel free to contact us below. We will be happy to explain open banking further and its benefits to take your organisation forwards…