A2A (Account-to-Account) payments and Open Banking

What is Open Banking?

Open Banking is a revolutionary development in financial services, allowing secure, electronic sharing of financial information under conditions approved by customers. This initiative supports the direct, bank-to-bank transfer capabilities of A2A payments, enhancing the efficiency and security of financial operations.

A2A payments integrated with Open Banking

Open Banking transforms the landscape of A2A payments by facilitating direct interactions between bank accounts through secure APIs. This integration offers a seamless payment experience for consumers, exemplified by scenarios where online purchases are completed directly through bank transfers, enhancing speed and reducing complexities.

What is the Open Banking Account-to-Account (A2A) payment model?

The A2A payment model under Open Banking typically involves multiple stakeholders, including banks, payment service providers, and third-party providers such as Inpay. These parties collaborate to provide a seamless transaction experience, ensuring security and compliance with financial regulations. The benefits of integrating A2A payments with Open Banking are manifold, including higher transaction success rates and enhanced customer satisfaction due to the streamlined payment process.

How do Account-to-Account (A2A) payments via Open Banking work?

 The UX for Open Banking payments is slicker and quicker than for traditional bank transfers. Customers don’t need to top up wallets or type in card details on the tiny keyboard of a mobile device.

It’s also easier than logging in to online banking and manually completing the payment process step-by-step. When integrated at checkout, customers simply:

1. Select bank transfer
2. Choose their bank
3. Click ‘pay’ to confirm

1-2-3. That’s it.