What is Open Banking?
Paying through Open Banking
You can pay a business using online banking via your mobile banking app or web portal.
You might be wondering how this is any different from a bank transfer. However, unlike bank transfers, the payment is made through a few simple taps. You will no longer have to input account information, such as sort code or account number, for the transaction to be approved.
Instead, all you need to do is select your bank. You will be redirected to your online/mobile banking portal, where you will need to provide authentication. Once you approve the transaction, the payment has been made.
It is as simple as that!
Why use Open Banking?
Quick | Simple | Secure | Efficient |
|---|---|---|---|
A faster form of purchasing compared to card payments or bank transfer | Easy to do! No card details needed – an effortless experience | Authentication provides security for your transaction | Automated and less manual than a bank transfer |
How does it work?
