The new solution gives consumers greater control over their financial data through open APIs
Worldpay from FIS introduces Open Banking Hub which allows consumers to pay for purchases directly from their bank account. What is more, it enables consumers to view their bank account balance in real-time during the checkout process.
Since the new solution routes users directly to their personal bank to authorize payment, they never have to enter card or account details into a third-party site.
Worldpay’s Open Banking Hub simplifies the process for merchants by offering a single API integration to banking providers.
It means that when consumers make a purchase via mobile through the Open Banking Hub, they are automatically redirected to their banking provider’s app to complete the order.
Although, the shift toward open banking is creating challenges for merchants in complying with a range of standards for accessing API-based networks.
We’ve reported that FIS has partnered JCB to enable cross-border QR-code payments. The report found, digital wallets are currently accounting for 58% of regional e-commerce purchases and are expected to reach nearly 70% by 2023.