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Fintech & Ecommerce

Worldpay launches Open Banking Hub

Jun 17, 2020

The new solution gives consumers greater control over their financial data through open APIs

Open Banking Hub

Worldpay launches Open Banking Hub. Source: shutterstock.com

Worldpay from FIS introduces Open Banking Hub which allows consumers to pay for purchases directly from their bank account. What is more, it enables consumers to view their bank account balance in real-time during the checkout process.

Since the new solution routes users directly to their personal bank to authorize payment, they never have to enter card or account details into a third-party site.

Worldpay’s Open Banking Hub simplifies the process for merchants by offering a single API integration to banking providers.

It means that when consumers make a purchase via mobile through the Open Banking Hub, they are automatically redirected to their banking provider’s app to complete the order.

Although, the shift toward open banking is creating challenges for merchants in complying with a range of standards for accessing API-based networks.

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
Asif Ramji, Chief Growth Officer, FIS

We’ve reported that FIS?has partnered?JCB to enable cross-border QR-code payments. The report found, digital wallets are currently accounting for 58% of regional e-commerce purchases and are expected to reach nearly 70% by 2023.

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