Payments group finds solution for banking systems

Bankbox can be integrated via APIs into already existing payment systems

banking services

Payments group finds solution for banking systems. Source: unsplash.com

Tribe Payments announced it’ll launch Bankbox, an API-led, agnostic module, allowing issuers and acquirers to get access to banking systems.

Bankbox aims to assist program managers in having card services or digital wallets. Along with that, it helps acquirers who accept payments on behalf of the merchant. It adds banking services to their products as it syncs with Tribe’s Digital Wallet and Acquirer Processing module.

With the help of Bankbox, program managers are able to accelerate their Open Banking efforts. Open Banking payments are authorized between the bank and its users. This way, it eliminates chargebacks that merchants face due to fraud, as well as reduces processing expenses.

Program managers need access to banking systems to create powerful propositions. But even in the Open Banking era organizations are struggling to capitalize. Connecting is frankly like wading through technological treacle. Bankbox aims to standardize access to banking systems, cutting out complexity and unnecessary middlemen. With a single integration, Tribe can now connect a program manager that is accredited to access these rails so they can provide their customers with choice, expand their reach, and reduce costs
Suresh Vaghjiani, CEO of Tribe Payments

SEE ALSO:

Categories: All materials Banks News
facebook