Worldpay from FIS introduces Open Banking Hub
The 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.
Financial services technology provider FIS (NYSE:FIS) today announced Open Banking Hub, an innovative payment solution for its Worldpay merchant clients and their consumers.
Merchants who enable this digital bank account payment method in their online stores will enable 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 will not have to enter card or account information into a third-party site.
The move toward open banking is 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 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.
Asif Ramji, Chief Growth Officer at FIS, commented:
“Simplicity is key to meeting the expectations of today’s consumers. 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.”
The Open Banking Hub is available to consumers and covers all major banks in the UK, with other markets to follow later this year.