In a groundbreaking move, Ecommpay, a globally recognized payments service provider and direct bank acquirer, has unveiled Open Banking Select, the latest addition to its comprehensive Open Banking payment suite. With this innovative offering, Ecommpay becomes the first and only payment provider to seamlessly integrate card payments and Open Banking transactions via a unified proprietary platform, ushering in a new era of payment flexibility and control.
Open Banking Select offers merchants a host of benefits, including enhanced payment routing options, streamlined user experiences, and all the advanced features of Open Banking. This integration includes partnerships with leading Open Banking providers such as Token, Neopay, and Nuapay. Moreover, businesses with existing Open Banking partnerships can effortlessly integrate their trusted partners into their payment ecosystem, provided they meet Ecommpay’s rigorous criteria.
The capabilities of Open Banking Select are extensive and cater to the evolving needs of e-commerce vendors. Key features include access to the fastest bank rails in the EEA and UK, along with the convenience of a dedicated local IBAN, simplifying payment receipt. Notably, the platform streamlines payout and refund processes through a user-friendly client dashboard, reducing refund processing time by an impressive 60%.
Moreover, merchants can now enjoy automated notifications for funds reaching their accounts, eliminating the need for manual checks and payment verifications. Comprehensive reconciliation reports, offered daily or weekly, provide invaluable insights to businesses, helping them better manage their finances and operations.
Open Banking Select is part of a trio of service tiers offered by Ecommpay, designed to cater to businesses of varying sizes and objectives:
- Account2Account: Ideal for small businesses looking to transition from traditional manual bank transfers to modern A2A payments, offering authenticated users and time-saving descriptor automation.
- Advanced: Tailored for medium and large enterprises seeking to diversify revenue streams and enter new markets, offering advanced capabilities.
- Select: Targeted at medium and large enterprises, as well as Open Banking partners, offering Ecommpay’s most comprehensive, customizable, and controlled payment experience.
Moshe Winegarten, Chief Revenue Officer at Ecommpay, emphasizes the company’s commitment to providing innovative and flexible capabilities tailored to online businesses’ unique needs. The introduction of Open Banking Select underscores Ecommpay’s dedication to this mission.
Todd Clyde, CEO at Token.io, praises the partnership, highlighting their shared commitment to making Open Banking-enabled payments a mainstream method across Europe.
Ecommpay’s in-house, integrated solutions seamlessly orchestrate both direct card acquiring and Open Banking, providing a complete payment infrastructure. The proprietary platform ensures ultimate control and scalability, accommodating local and global payment methods, payouts, and more, all supported by dedicated customer service. Ecommpay, as a fully licensed and regulated PSP, prioritizes fund security, guarantees payouts and refunds, and minimizes operational risks and errors.
Arthur Ribakovs, Director of Financial Partnerships at Ecommpay, sees Open Banking Select not only as a boon for online businesses but also as an opportunity for collaboration within the payments industry. Exciting partnerships are on the horizon, thanks to Select’s introduction.
Ecommpay will officially unveil Open Banking Select at the Retail stage of the Open Banking Expo 2023 on October 19. This event promises to showcase Ecommpay’s full suite of innovative Open Banking solutions, offering detailed insights into how businesses can harness the transformative capabilities of Open Banking Select, going beyond traditional account-to-account payments.