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Overview of the Open Banking payment method

Open Banking: Empowering Your Financial Future. Step into the future of banking with open banking—a game-changing approach that puts you in control of your financial data and unlocks a world of possibilities.

Open banking revolutionizes the way we manage our finances by allowing secure sharing of banking data with authorized third-party providers through secure APIs. This empowers consumers to access a wider range of innovative financial products and services tailored to their needs.

Step 1

Grant Consent

Take control of your financial data by granting explicit consent for its sharing with authorized third-party providers.

Step 2

Aggregate Accounts

Consolidate your financial accounts from multiple banks and institutions into a single dashboard or application for a comprehensive view of your finances.

Step 3

Initiate Payments

Initiate payments directly from your bank account to third-party service providers, streamlining the payment process and offering greater flexibility in managing your finances.

Step 4

Stay Secure

Maintain control over your data with robust security measures and explicit consent management, ensuring the privacy and protection of your financial information.

Secure authentication and advanced technologies integration

Explore the forefront of secure authentication and the integration of advanced technologies tailored to bolster account security.

Biometric Authentication: Access your accounts effortlessly using your fingerprint or facial recognition.

SMS Verification: Confirm your identity conveniently with one-time passcodes sent to your mobile device.

Onfido Verification: Securely verify your identity through document uploads and rigorous validation processes.

FAQs

What is Open Banking?

Open banking is a system that allows customers to securely share their financial data with authorized third-party providers, like budgeting apps or financial comparison platforms. This data sharing is done through APIs (Application Programming Interfaces), which act as secure intermediaries between your bank and the third-party provider.

How does Open Banking benefit me as a consumer?

Open banking offers several potential benefits, including: Increased choice and competition: Access a wider range of financial products and services tailored to your specific needs. Improved financial management: Utilize tools and apps that provide deeper insights into your spending habits and financial health. Simplified processes: Streamline tasks like making payments, switching providers, or aggregating all your accounts in one place.

Is Open Banking safe?

Open banking uses robust security measures like multi-factor authentication and data encryption to protect your information. Additionally, you always have control over what data you share and with whom, allowing you to revoke access at any time.

Are coding skills needed to set up my page?

Setting up your page is streamlined through our user-friendly CMS and app builder, requiring no coding skills, allowing you to focus on what matters most – your business.

Do you offer support while setting up my page?

If you run into issues or have questions, our support team is always happy to help!

What does the user backoffice include?

The backoffice is equipped with advanced user management tools, transaction monitoring, and wallet management functionalities, designed to provide you with control and insight over your financial operations.