Payment rails
- Sara Jacobs
- Isaac Kenchington
- Reba Basu (Unlicensed)
Owned by Sara Jacobs
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Within the below links, you will find an overview of the payment rails open banking and Direct Debit.
Open banking
Open Banking processes the entire transaction through online banking; in a Bank-to-Bank rail, payments enter the business account directly from the customer’s account.
Card payments
A debit/credit card payment is when a card is used for you to accept payments from your customers by providing a network that binds cardholders, issuers, merchants, and acquirers for you to get paid.
Direct Debit
Once customers have issued a mandate, you can prompt Direct Debit payments, enabling you to accept recurring payments directly from your customer’s bank accounts.
Direct Debits are direct from bank to bank, so all communications happen between banks.
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