Excellent support from Bianca Moodliar of Access Paysuite
We worked with Bianca Moodliar of Access Paysuite and she was totally amazing, helped us through a number of issues and explained how things work in …
Open Banking Payments
Open banking payments solutions
Open banking, also known as pay-by-bank, is revolutionising the way customers and consumers make payments. It allows individuals to pay directly by bank transfer from their bank to another business or organisation’s account.
The rising popularity of open banking payments
Open banking is gaining traction, with more than 1 in 9 UK consumers and 17% of small businesses utilising open banking services in 2023. This innovative approach to payments serves as an alternative to traditional methods such as cards, Direct Debits, and standing orders.
How open banking payments work
Open banking payments offer a fast and secure way to make transactions without the requirement to input card details. Customers can conveniently select their bank from a list and authorise their purchase, streamlining the payment process. This method not only enhances speed and security but also provides a seamless and efficient way to conduct financial transactions.
Advantages of open banking payments
The use of open banking payments facilitates quicker fund transfers, reduces the risk of errors and fraud, and simplifies the payment process for both consumers and businesses. Additionally, this method empowers users to manage their finances more effectively and gain greater control over their transactions.
m
Payments per month
%
UK population use open banking
m
Open banking payments in 2022
%
Open banking year on year growth
Cut costs and improve your cashflow
Our open banking payments transfer funds direct from the customer’s bank to your bank account, which means there’s no card networks or expensive card processing fees. There’s no charges on failed or declined transactions, no chargebacks, just real time payments.
Excellent service all round!
Sam Potter and Warren Stone have been genuinely helpful with all our queries and technical support. They’re always quick to respond, knowledgeable, a…
Eloise Hand was very helpful and…
Eloise Hand was very helpful and patient with providing me access.
Great assistance from Eloise Hand in…
Great assistance from Eloise Hand in resolving a payment query that had arisen as a result of some unfortunately-worded correspondence!
Access support trivial to technical
Access provide timely support and help get the right answers as efficiently as possible. Kate Burchell was a great engineer in assisting with multipl…
Reduce fraud with safe, secure open banking payments
Unlike using cards, open banking payments offer a more secure way to pay. With open banking, customers verify each payment directly with their bank, which helps reduce fraud and unauthorised transactions. Plus, because open banking doesn't involve sharing banking data or processing card details, there's no need to worry about PCI DSS compliance costs.
Payment choice and flexibility
Whether your customers are making payments online by themselves or through a contact centre, you can provide a pay by bank option. By offering multiple payment methods for online bills, invoices, or reminders in real time, you can increase successful transactions and decrease the number of abandoned carts.
Our partnership with Access enabled us to integrate open banking solutions that streamline transactions, ensuring payments are reflected in real-time on our customers' accounts. This shift not only enhances convenience, but also improves security, allowing our customers to complete their payment journeys effortlessly, whether through our contact centre or via bespoke payment links. The result is a straightforward, secure payment experience that aligns with modern expectations, making payments as simple as a click or a tap.
Give your organisation the stability and freedom it needs to drive higher levels of growth by seamlessly automating your payment processes
Save money and unlock open banking payments with our online and contact centre solutions
Online payments
Customers can make a self-service payment online by selecting the 'pay by bank account' option, as an alternative payment method to using a debit or credit card. Learn more
Contact Centre
Our 'payment request' option is available within our contact centre payments product and uses open banking to provide choice and enhance your customer payment experience. Find out more
Save money
Settlements are automated, reducing human error and there are no interchange fees so you can reduce your payment overheads.
Complete the form to find out more about open banking payments
As open banking continues to reshape the payments landscape, our platform remains at the forefront of innovation, delivering advanced payment solutions that cater to the evolving needs of modern businesses and consumers.
Explore the possibilities of open banking payments and elevate your payment experience with Access PaySuite.
- Reduced processing fees means significant cost savings.
- Receive your payments faster, in real-time
- No sensitive card information is shared, so fewer errors and reduced fraud.
- Higher success rates than cards, meaning fewer payment abandonments
- No chargebacks!
Complete the form to find out more about open banking payments
All your payment solutions in one place
Frequently asked questions
Are open banking payments secure?
Yes, open banking uses bank-level security and Strong Customer Authentication (SCA).
Because customers authenticate directly with their bank, no card numbers or sensitive details are shared. This makes open banking one of the most fraud-resistant payment methods, with no risk of card data theft or card-not-present fraud.
How fast are open banking settlements?
Open banking enables instant or near-instant payments, depending on the customer’s bank. You get immediate confirmation that funds are on the way, helping with cash flow and reducing delays commonly seen with card settlements or Direct Debit processing.
Are open banking payments cheaper than card payments?
Yes. Open banking is a low-cost payment method because:
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There are no card scheme or interchange fees
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No chargebacks
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Fewer failed transactions
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No card network intermediaries
This often results in significantly lower merchant payment processing costs.
Can customers get refunds with open banking?
Absolutely. Refunds can be issued quickly through the Access PaySuite dashboard or API. Because the payment comes directly from a bank account, refunds are fast, traceable and reliable, ideal for online businesses.
Can open banking be used for recurring or subscription payments?
Yes, particularly for variable or on-demand payments. For fixed recurring billing, businesses often combine open banking with Direct Debit or emerging options like Variable Recurring Payments (VRP). This gives you a flexible and secure way to manage subscriptions.
What types of businesses are open banking payments suitable for?
Open banking is a great fit for businesses that want fast, secure, low-fee online payments, including:
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E-commerce and online retail
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Utilities and telecoms
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Financial services
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Charities and non-profits
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Education and public sector
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High-value or high-volume payment businesses
Any business that wants faster settlements, better security and lower fees can benefit.
What happens if a customer’s bank doesn’t support open banking?
If a customer’s bank is unavailable or does not offer open banking, they can seamlessly choose another payment method at checkout. Open banking simply appears as an additional, optional bank payment method.
Do open banking payments reduce failed or declined transactions?
Yes. Because payments are verified directly with the customer’s bank, open banking avoids common card failure reasons such as:
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Expired cards
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Lost or stolen cards
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Incorrect details
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Insufficient card limits
This leads to higher payment approval rates and fewer cart abandonments.
Is it difficult for merchants to get started with open banking?
No, onboarding is simple. Access PaySuite handles the bank connections, security and compliance requirements for you. You can start accepting open banking payments quickly without needing technical expertise.
Does open banking work on mobile?
Yes, the experience is fastest on mobile because the customer’s banking app opens automatically.
Are there chargebacks with open banking?
No, open banking uses authorised bank transfers, so there are no chargebacks.
Do customers need to download a new app?
No. They simply use their existing banking app to complete the payment.
Learn more about Direct Debit
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