Open banking makes it easy to "pay by bank". It's an order of magnitude cheaper than cards, faster to settle, simple to reconcile, and convenient for users.
A user connects grants consent for you to initiate single or multiple payments from their bank account.
You'll get confirmation that the payment has been initiated, and an ETA of when the funds will arrive. You can input unique references to ensure automated reconciliation. You can check the available balance to ensure that the user won't incur dishonour or overdraft fees. Reduce fraud by verifying the holder of the account, and relying on strong customer authentication when the user grants consent.
Open banking payments are commonly used in payroll services, payment apps, ecommerce, payouts, and funding online accounts.
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Tiger Brokers
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In some scenarios, a one-off payment consent is the right option.
One-off payment consentsIn other scenarios, you may want to request an "enduring payment consent", which enables you to initiate multiple payments of variable amounts without the customer needing to repeat the authorisation flow.
Enduring payment consents
Keen to get started right now? Create a personal app which will grant you instant API access to your own accounts.
If you want access to a full app, contact us and we'll set it up.
Get in touchOur team can provide contract services to explore or build the functionality that you have in mind.
We'd love to discuss the options with you.
Get in touch
