Payment service provider Ecommpay has introduced a range of Open Banking solutions aimed at assisting businesses with digital transactions. According to a company LinkedIn post, these new offerings, developed in-house, cover approximately 85% of banks within the European Economic Area (EEA) and the United Kingdom. The firm has created three distinct products under its Open Banking framework. Each product is tailored to meet different payment needs, ranging from straightforward account-to-account transfers to a more comprehensive orchestration service across multiple providers.

Three-tiered Approach to Open Banking

The initial offering, known as Standard Account-to-Account, allows for direct money transfer between bank accounts. This solution is presented as a faster alternative to traditional bank transfers due to its immediate settlement and additional security features like automated transaction descriptions.

The second product, Open Banking Advanced, enhances the basic functionalities by enabling businesses to handle incoming payments alongside managing refunds and payouts. Ecommpay claims that this includes providing immediate payment confirmation and simplifying reconciliation processes in order to lessen administrative challenges.

Finally, the third product, Open Banking Select, acts as an integration platform. It links businesses with a diverse group of Open Banking service providers, functioning essentially as a central hub for both current and emerging players. This setup is designed to offer merchants greater flexibility when selecting their payment partners.

Ecommpay’s move into the Open Banking arena underscores the growing demand for instantaneous and secure payment solutions across Europe. Despite the increasing adoption of Open Banking, standardization remains crucial for providers aiming to ensure a consistent experience across various jurisdictions.