Banking at the speed of now requires financial institutions to process payments quickly and maintain compliance. Today, open banking lets Financial Institutions (FIs), payment platforms and fintechs deliver payment services with the speed and ease that consumers now demand. 

But many organizations still rely on outdated methods to process payments, forcing consumers to wait. They could and should be supporting lightning-fast, real-time payments, recurring payments, refunds and disbursements. Practices like micro-deposits and pre-notifications for account opening and funding or payment processing jam up the experience. Delays around bank account details and balance verification don’t help, either. 

The stakes are high. According to one industry report, twice as many consumers walk away when faced with slower methods. “The abandonment rate for FIs that do not require micro-deposits for ACH funding is 13%–in contrast to 27% for those that do.” 

Dissatisfied customers can overwhelm customer support channels when these methods fail. Even worse, scammers love to exploit these older practices to gain rogue access to accounts. 

Enter: Finicity, a Mastercard company. 

Our open banking platform meets the needs of digital consumers and the digital payment ecosystem by enabling clients to verify the essential account details, owners, and balances that are needed to transfer, get paid or set up an account with confidence.

Digital payments just make sense. One study shares that close to three-quarters of consumers have or would connect their bank accounts for digital payments. In another survey from PYMNTS of supply-side organizations, the majority (63%) said they prefer being paid electronically, specifically via ACH. Just one-quarter wanted to get paid by paper check.

Read more: Learn how to harness the power of open banking for secure, rapid, delivery of consumer payments – Download our free eBook now!

Our platform relies on open banking innovations to support a wide range of digital payment experiences for FIs and consumers. A few popular use cases include:

  • Secure account opening and funding 
  • Mortgage and consumer loan repayment/servicing
  • P2P money transfers
  • Direct ACH payments (P2M)
  • Funding digital wallets
  • Government disbursements
  • Recurring, account-based bill payments 
  • Buy-Now-Pay-Later and installment-style credit

Move Money With Confidence

We designed our platform behind a driving principle: Pay Confidently. 

This means reliably fast data and superior, API-based connections with leading financial institutions. We layered in added intelligence and deep learning which can help to mitigate fraud while reducing payment failure and pesky NSF fees. 

Each year, more of the world’s leading banks, fintechs, and payment platform providers deliver faster, more secure consumer payments with the power of open banking.

We look forward to seeing how you’ll use open banking capabilities to exceed your customers’ expectations. 

 

Do you have a question about how open banking can improve payment enablement? Send us an email or download our PDF overview

 

Ready to see open banking in action? Request a demo online.