What Are Open Banking APIs?
Open Banking couldn’t work without the vital use of Application Programming Interfaces (APIs). They play an integral role in the payment process and have helped change the landscape of payments for the future. In this article, we explain what Open Banking APIs are and how they work. What are APIs? APIs refer to the set […]
What Problems Is Open Banking Solving?
Open Banking is a concept that was created with the aim to address several problems in the traditional banking industry by leveraging technology and data sharing. Some of the key problems that Open Banking aims to solve include: Limited Financial Transparency Traditionally, customers have had very limited access to their own financial data. Open […]
How Open Banking Can Be Beneficial For The Charity Sector
Open Banking refers to the use of open APIs that enable third-party developers to build applications and services around financial institutions’ data. It can be a great opportunity and tool for all sorts of industries. Here are some ways in which Open Banking can benefit the charity sector specifically. Increased Transparency Open Banking can […]
Why Open Banking Is Great For One-Off Payments
One of the main advantages of Open Banking is that it simplifies the payment process, especially for one-off payments. With Open Banking, consumers can use their banking information to pay for products or services directly from their bank account. Thus, eliminating the need for third-party payment processors or credit card providers, which can be cumbersome […]
Open Banking vs Open Finance
Open Banking is something more and more people are becoming aware of. However, there is another term that is also being mentioned – Open Finance. Whilst Open Banking and Open Finance are two related concepts that refer to the opening up of financial systems to third-party providers through the use of application programming interfaces (APIs) […]
Why is Open Banking Cheaper?
There are several ways to make bank transfer payments, and one option that continues to grow in popularity is Open Banking. Not only is Open Banking convenient and easy to use, it involved significantly lower transaction fees, making it the most cost-effective method. In this article, we delve deeper into why Open Banking is Cheaper. […]
How Open Banking Can Benefit The Hospitality Industry
Before the pandemic, people would not necessarily have seen businesses within the hospitality sector as one that heavily relied on technology. However, as the world came out of lockdown and returned to restaurants, customers’ behaviour changed and quickly adapted to using QR codes for everything from viewing menus to making their payments. The hospitality industry […]
Will My Data Be Safe With Open Banking?
Open Banking is a financial technology initiative that allows third-party providers to access financial information and services through APIs (application programming interfaces) provided by banks and other institutions. While Open Banking offers many benefits, including increased competition and innovation in the financial industry, it is understandable that you may be concerned about the safety of […]
Why Are There Fraud Risks With Contactless Card Payments
Contactless payments have been around since the 1990s and rose in popularity during the past decade, especially as a result of the pandemic. Whilst contactless is extremely convenient and a quick method to pay, it is important to understand why there are fraud risks with contactless card payments. The rising popularity of contactless payments […]
Why Chargebacks Are A Risk For Businesses
Chargebacks are something that businesses have had to deal with and have unfortunately become almost unavoidable. Research carried out by pyments.com and published in 2022, highlighted that “approximately one-quarter of eCommerce shoppers disputed at least one charge in the last 12 months”. The huge numbers of chargebacks made annually can cause businesses a major headache- […]
