Backed by the UK government and the Financial Conduct Authority, Open Banking is set to facilitate the creation of a host of new products and services that help both consumers and businesses get a better deal. It will also allow consumers to get a clearer understanding of their accounts and find new ways for them to make the most of their money in the future.
As things stand today, there are numerous registered suppliers, the majority of which are focused on data transfer through AISP APIs. This is great for consumer privacy and security, as it bypasses the need to share personal login information, but Open Banking offers the potential for so much more.
This popular commercial bank wanted to take advantage of the pay-by-bank opportunity presented by Open Banking's PISP service. The bank ran their own in-depth market research and the ability to make direct payments from consumer bank accounts had proven to be a very popular and compelling proposition, both with their customers and one of their major high-street retailers. The team approached Endava to design a proof-of-concept that could be tested and moved into production in very tight timelines.
The Endavans rallied together, working alongside the bank's own developers and with an additional third-party supplier to produce a compelling POC. Thanks to credibility and payments domain expertise from all involved, Endava and the team designed and built a cloud-based, fully scalable platform that works independently of both front and back-end technology. As a payments 'engine', the platform can seamlessly integrate into merchants’ e-commerce websites through a widget and simultaneously be plugged-in to their back-office systems easily using their own dev resources.
Thanks to the ease-of-use and secure nature, Pay-By-Bank offers a new avenue for the bank to strengthen the relationship it has with its consumers. Thanks to the fact that it is an economically attractive model, both for merchants and for the bank itself, it also helps build lasting partnerships between the bank and its enterprise clients.
All parties (the consumer, the merchant and the bank) benefit from real-time payment confirmation, timely settlement and efficient reconciliation. They can be confident that payments are secure in terms of data security, system resilience, transaction integrity and fraud prevention. The focus on a frictionless user experience ensures ease-of-use.
This is the first step in the banks ambition to provide a new, high-quality payments solution for consumers and merchants, which drives conversion at check-out and makes repeat purchases easier than ever.
The platform has been engineered to meet both the needs of today and exciting ambitions for the future around how merchants can self-serve their needs, how the bank can help consumers make more informed purchasing decisions and how consumers can start to gain more control over both their information and their money.