Payment service provider Ecommpay has added to its integrated Open Banking payment suite with the launch of ‘Open Banking Select’, which will be presented to the market for the first time at Open Banking Expo UK and Europe this week.
The introduction of ‘Open Banking Select’ makes Ecommpay the first and only payment provider to orchestrate card payments and Open Banking transactions via a unified proprietary platform, it claimed.
Online businesses will benefit from additional control and personalisation options over their payment routing, while ecommerce vendors will benefit from features, such as access to the fastest bank rails in the EEA and UK, and a dedicated local IBAN, so that only one bank account is needed to receive payments.
An automatic notifications system alerts merchants when funds reach the account, thereby removing the need for manual checks and payment verifications.
Moshe Winegarten, chief revenue officer at Ecommpay, said: “This latest addition to Open Banking by Ecommpay underscores that commitment to offering merchants the most innovative and flexible capabilities. Select will enable ecommerce vendors to unlock new revenue streams and optimise operations.
“The payments industry is ready for Open Banking innovation and Ecommpay is driven to provide the best possible solutions.”
‘Open Banking Select’ includes integrations with Open Banking providers including Token.io, as well as Nuapay and Neopay.
Todd Clyde, chief executive officer of Token.io, added: “This partnership exemplifies our mutual commitment to making Open Banking-enabled payments a mainstream payment method in Europe.
“Token.io’s best-in-class connectivity, сombined with the power and capabilities of Ecommpay’s suite of advanced Open Banking payment products, provides the highest success rates in the industry, as well as substantial growth and expansion opportunities for merchants.”
Select is one of three service tiers offered through ‘Open Banking by Ecommpay’, and is aimed at medium and large companies, as well as Open Banking providers.
The first tier, ‘Account2Account’, is aimed at small businesses making the move away from traditional manual bank transfers to modern A2A payments and that would benefit from Open Banking functionality, while ‘Advanced’, is designed to enable medium and large companies to access more capabilities.
Arthur Ribakovs, director of financials partnerships at Ecommpay, said: “This new addition to Open Banking by Ecommpay not only presents opportunities for online businesses but also collaboration within the payments industry. By integrating partners, we are able to provide the very best service for our merchants, while continuing to push the industry forward.
“We’re excited about the possibilities of more great partnerships that Select opens up for us and are looking forward to exploring those at Open Banking Expo.”
Ecommpay will be officially unveiling Open Banking Select on the Retail stage at Open Banking Expo UK and Europe on 19 October.