Open Banking Excellence (OBE)’s Post

As the ecommerce market continues to grow at an unprecedented pace, for many financial institutions, account ownership is no longer seen as a strong enough paradigm. Banks must find a solution to protect core banking revenue stream through competitive ecommerce solutions or risk accelerating erosion. In a recent article with The Paypers, our Founder and CEO, Rob Lincolne shares how Payment Orchestration keeps banks at the forefront of Merchant Experience. Read Rob’s article here: https://lnkd.in/enHBty8P #paymentorchestration #bankingindustry #fintech

Acquiring banks are feeling the pressure from new players. Payments orchestration presents a way forward for helping merchants and banks tackle the ever widening payments ecosystem. In the latest episode of The Paytech Show we speak to Tom Voaden, VP of Commercial at BR-DGE, who discusses how they're addressing gaps in traditional acquiring banks' technology. It's an interesting look at how data could enable both merchants and banks to optimize their payment ecosystems and leverage actionable insights for improved service delivery. https://lnkd.in/efPsur8t #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Digital transformation is fundamentally changing payments, forcing businesses, banks and financial institutions to reinvent the way they handle transactions. To be sure, the digital payment ecosystem will put pressure on merchants to keep pace with the speed of innovation. The demand for fast, secure, and frictionless payment solutions presents merchants with both opportunity and cost—and with credit card fees as a mainstay, #surcharging can be an avenue for businesses to be more innovative and keep costs down. https://lnkd.in/ex7VYhys As we accelerate toward a digitally-focused future, our team of experts is here with tech-forward answers to help with #surcharge compliance, customization, and more: https://lnkd.in/e-hcSbWz  

FIS and Banked : Team Up for Pay-by-Bank Push 🏦 Financial tech giant FIS joined forces with open banking provider Banked : to drive pay-by-bank adoption. These solutions promise smoother, faster, and safer payments directly between bank accounts, bypassing traditional card details. Benefits include reduced fraud, quicker settlements, lower fees, and better user experiences. "Consumers and businesses crave faster, easier money movement," says Seamus Smith, Group President of Global Business to Business Payments at FIS. "Open banking advancements allow FIS to offer innovative pay-by-bank solutions." The partnership aligns with surging demand for digital wallets and mobile payments. A2A payments like pay-by-bank saw a massive $525 billion in e-commerce transactions alone in 2022, with projections for continued growth. "We aim to make payments better for everyone," said Brad Goodall, co-founder and CEO of Banked :. "With FIS, we empower businesses to offer superior payment experiences through open banking and real-time payments." FIS, a leader in real-time #payments, was among the first to test the FedNow Service in 2023. This partnership builds on that momentum, aiming to modernize the #A2A landscape. As digital payments rise and demand for efficiency and security grows, the FIS-Banked collaboration could significantly impact the future of payments. 💸

BR-DGE 🤝 Trustly 💸 🏪 The integration into BR-DGE’s global orchestration platform will provide its customers with access to Trustly’s open banking capabilities to allow BR-DGE’s merchants to tap into AND offer Trustly as a payment option 🛫 🌐 Merchants to leverage the technology as part of BR-DGE’s payment connectivity network and in turn, Trustly will gain access to BR-DGE’s global ecosystem that empowers businesses across industries such as travel and transport, digital goods, platform businesses AND retail.. 🇳🇱 🤯 The partnership ALSO extends to supporting iDEAL payments, one of the most WIDELY used online payment methods in the Netherlands who process more than ONE BILLION transactions made per year. Olof Wirfelt, Chief Commercial Officer at Trustly Europe commented: “BR-DGE stands out as one of Europe’s most promising payment orchestration platforms, known for its excellent product and strong team. We are excited to partner with BR-DGE as one of the first open banking payment providers on their platform, confident that our superior account-to-account payments and data products will significantly benefit their customers.” Read more on the link below! 👇 Tom Voaden #trustly #payments #paymentsorchestration #openbanking #banking #merhcants #kyc #fintech #fintechnews #paymentsecosystem

News! 📣 Token.io’s hosted payment pages make Pay by Bank faster and simpler to maximise conversions — and they’re already in use by our partners like Prommt. Learn more ↘ https://lnkd.in/eTuwnZd5 #payments #paybybank #paymentnews

How to build a banking marketplace Many banks want to follow the marketplace path, but don’t know where to start. 1. DEFINE A MARKETPLACE STRATEGY The first stage in creating a marketplace is to define the platform business model that the bank wants – B2B (like Alibaba), B2C (Amazon) or P2P/C2C (eBay). The first model is a relationship-driven option whose customers are businesses; the others are product-driven platforms targeting individuals and households. Whichever model the bank chooses, it must be carefully designed to complement the bank’s offerings, and it must encapsulate services around each proposition. Next, it must reconsider how its business model should change to evolve from a traditional bank that provides straightforward banking instruments (accounts, credit cards and loans) to a financial partner offering products (cars, houses, jewellery) and services (travel, weddings, education) that are wrapped with banking instruments. 2. DESIGN FROM THE CUSTOMER, TO THE CUSTOMER Living Banks succeed by designing with the customer experience front and centre. Consequently, marketplaces must be designed as a venue that is not business-focused but customer-focused, providing a space for the bank to bring products to customers. Doing so means that as soon as the customer enters the marketplace – and even before, in the case of partnerships and integrating with social media platforms – he or she represents the key focus for the bank, which can offer every necessary service without that customer having to go anywhere else. 3. DECIDE ON THE E-COMMERCE PLATFORM AND CAPABILITIES Pursuing a marketplace solution requires that banks create specific new set-up capabilities to deliver and sustain platform banking. That starts by assessing their existing capabilities with a particular focus on platform-related areas like governance, innovation, and data and analytics. Next, banks must activate a number of enablers to pursue their platform agenda. Among these: design first and foremost for a mobile customer experience; use analytics and AIpowered connected experiences to optimise hyper-relevancy; use bots to provide meaningful, fuss-free interactions for customers; create an API factory; and measure progress using a new KPI structure. Finally, it’s worth noting that coalitions are foundational to successful marketplaces, which are attractive to potential partners. Take insurance companies: the value proposition includes being able to cross-sell products and capture leads at specific customer life moments. 4. TAKING ACTION The changes sweeping through the banking sector leave players with one of two choices: take action, as some have done, or do nothing and hope that will suffice. The problem with the second course is that it won’t. Banking faces significant disruption, and it is highly susceptible to it – and that means players are in a fight for survival. Source Accenture #fintech #banking #payments Leda Florian Alex Ali

𝐓𝐡𝐞 𝐫𝐢𝐬𝐞 𝐨𝐟 𝐩𝐚𝐲 𝐛𝐲 𝐛𝐚𝐧𝐤: 𝐇𝐨𝐰 𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭𝐬 𝐜𝐚𝐧 𝐫𝐞𝐝𝐮𝐜𝐞 𝐜𝐨𝐬𝐭𝐬 𝐚𝐧𝐝 𝐠𝐫𝐨𝐰 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 via Plaid X Adyen X Lipis Advisors 🚀 The payment landscape is rapidly evolving, and "Pay by Bank" (PBB) is at the forefront of this transformation. The latest report by Plaid, Adyen, and Lipis Advisors dives deep into how PBB is reshaping the way businesses and consumers interact financially. 🔑 Key takeaways: ➀ Consumer Demand & Merchant Needs ↳ There's a growing trend towards PBB solutions in the US, driven by consumers eager to explore new payment methods and merchants seeking cost-effective alternatives to traditional card payments. ➁ Cost-Effective Transactions ↳ PBB typically incurs lower fees than card transactions. Merchants can save between 20% and 70% on transaction costs, enhancing their bottom line. ➂ Enhanced Security & Trust ↳ By leveraging bank-led security measures and open banking frameworks, PBB ensures secure and direct bank transfers without exposing sensitive card details. ➃ Instant Payment Advantage ↳ Real-time settlement of funds supports healthier cash flow and immediate transaction confirmations, paving the way for improved liquidity management. ➄ Market Readiness ↳ With high bank account penetration—over 94.9% in the US—consumers are ready to adopt PBB, especially with the integration of open banking APIs. _______________ 🌐 For merchants, this means embracing PBB to reduce costs, enhance security, and improve cash flow, and align with consumer preferences and future-proof payment solutions. There’s a significant opportunity to offer seamless, integrated solutions that leverage open banking and real-time payments. Explore the full report for a comprehensive analysis and actionable strategies to leverage Pay by Bank here ➡️: https://lnkd.in/guuKVJ3Z #fintech #payments #digitalpayments #paybybank #A2Apayments

Futon Company Teams Up with Trustly for Enhanced, Secure ‘Pay by Bank’ Experience Jussi Lindberg, Chief Revenue Officer at Trustly, comments: “Open banking payments are rapidly becoming the preferred payment method, and we’re excited to enhance the checkout experience for Futon Company’s customers. This solution allows Futon Company to tailor its checkout process, improving conversion rates and delivering top-quality service. We’re committed to expanding open banking solutions across the UK and helping as many companies and customers as possible benefit from its advantages.” https://lnkd.in/gXuKi_Ke Vladimir Pomitun #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

from Geoffrey Barraclough post on TrueLayer -  revenues finally growing but still a long way from profitability https://lnkd.in/eW4DMg4X ... With £51m cash in the bank at the end of 2023, Truelayer has another 12 months to become cash positive or will need to take additional capital... .. Open banking transactions, at least for high-ticket items, are much cheaper than cards. Truelayer’s take rate is just 5bps which compares to 30-90bps for a traditional merchant acquirer... .. Total employee expenses were down 7% at £43m. One third of engineering and product staff were laid off and total staff numbers fell from 434 to 346. But Truelayer kept on selling.. #fintech #ukbanking #banking #openBanking