Worldpay from FIS introduces Open Banking Hub

Maria Nikolova

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.

Read this next

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

<