Pay by Bank Account? Worldpay from FIS Enables Instant Payments from Your Bank Account through Open Banking Hub
June 17 2020 - 4:00AM
Business Wire
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.
FIS® (NYSE: FIS), a global leader in merchant and financial
services technology, today announced Open Banking Hub, an
innovative new payment solution for its Worldpay merchant clients
and their consumers. Merchants who enable this digital bank account
payment method in their online stores can allow their 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. Because the new solution routes users
directly to their personal bank to authorize payment, they never
have to enter card or account information into a third-party
site.
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 Asif Ramji, Chief Growth Officer, FIS. “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.”
“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 U.K. Competition and Markets Authority. “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.”
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 UK, with other markets
to follow later this year.
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 Jacksonville, Florida, FIS is a
Fortune 500® company and is a member of Standard & Poor’s 500®
Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
_________________________ 1 Ovum, “Instant Payments and the
Post-PSD2 Landscape: Reshaping the retail payments market.” 14 June
2017
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version on businesswire.com: https://www.businesswire.com/news/home/20200617005113/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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