Experience instant payments with Open Banking

Open Banking is no new thing. The largest banks first began to ‘open up’ their data and offer permission for better visibility across multiple accounts back in 2018. It was the UK financial sector that initially pioneered the use of Open Banking on a global scale, and while uptake amongst digitally enabled consumers was slow at first, it is now growing at an exponential rate.

The popularity of Open Banking isn’t just rising with consumers. The business community also contains active users. But, why should you adopt Open Banking as a merchant?

What exactly is Open Banking?

Open Banking has no doubt revolutionised the way consumers and businesses manage their finances. We’ll let Which? explain more about the capabilities of the Open Banking ecosystem:

“Wouldn’t it be handy to log into one website, or open one app on your phone, and see all of your accounts – all of your current accounts, credit cards and savings – in one place? Thanks to an initiative called ‘open banking’, that is now possible. Developers of mobile and web applications can ‘plug in’ to your current account data in a secure and standardised way, if you give them permission to do so.”

Could Open Banking mean instant payments for merchants?

In short, yes. Many new customer segments are seeking alternatives to traditional payment options. They want more choice, less cost, greater transparency and better control over online purchases. NOIRE Instant Pay lets your customers experience the ultimate checkout process, and it’s instant and secure with no cash or cards required thanks to Open Banking.

Why does receiving instant payments matter to merchants?

Instant Pay lets customers pay merchants straight from their bank accounts in real time. The solution allows merchants to reduce their own costs or pass savings on to their customers through cashback, loyalty points or discounts.

With NOIRE Instant Pay, merchants can:

  • Receive instant settlements – Deliver one-click payment experiences and get access to your money instantly
  • Reduce costs – No interchange fees, fewer declines and minimal chargebacks
  • Increase liquidity – Boost your working capital and lower the risks of business uncertainty
  • Gain greater control – Clearing funds immediately gives merchants greater control of cash flow. It’s estimated that instant receipt of funds could help European businesses unlock €1.34 to 1.84 billion each year
  • Simplify operations – Merchants will be able to accept payment for their goods and services without incurring interchange fees, which can reduce operational costs
  • Stand out from the competition – Instant payments are crucial for eCommerce merchants that rely on fast delivery to be competitive. Payment reaches their account instantly with no settlement delays or chargebacks. This means they can safely release goods and services straight away
  • Pass value to the consumer – with no card fees, delays and no risk of fraud
  • Decrease transaction fees – with instant payment settlement
  • Eliminate chargebacks – by linking directly to consumers’ bank accounts
  • Achieve higher approval rates – with only NSFs, resulting in a decline
  • Enable better experiences – by expanding checkout experiences across all channels
  • Increase customer loyalty – thanks to incentives like cashback, loyalty points and discounts
  • Expand globally – with transparent, multi-currency transactions
  • Execute payments in real time – eliminating costly interchange fees
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To find out more about our Instant Pay solutions and the benefits they could unlock for merchants, please get in touch today.