Open banking enables a merchant to collect payments seamlessly, efficiently and more cost effectively than traditional methods. Application Programming Interfaces (APIs) act as the communicator, or arch, between a customer, the merchant, and their banks.

Rather than having to input personal details (we’ve all had to dig around for our debit card to find the 3-digit code on the back!), open banking enables authentication of a payment via the customer’s banking app.

The result? No middlemen, at least 70% lower transaction fees (true story), and a waaaaay smoother checkout journey. Say goodbye to abandoned carts, fraud and flushing money down the toilet.