First online retailer in Germany enables instant payments for customers

Otto introduces instant payments

First online retailer in Germany enables instant payments for customers. Source: shutterstock.com

According to Ecommerce News, online retailer Otto says it’s the first e-commerce company in Germany that enables instant payments for its customers. Thanks to a cooperation with Hanseatic Bank, Otto claims it’s able to offer a better service, faster delivery, and instant money transfers for customers.

The Otto Group has partnered with the German bank Hanseatic Bank to develop an API which makes this all possible. In Germany, the first banks already offer instant payments to their customers and many of the financial institutions in this European country are currently working on the implementation.

But in the e-commerce industry, real-time money transfers couldn’t be used yet, although they do offer enormous potential. According to the Otto Group, it lacked a technical interface that provides uniform information processes that not only enable payments to be made within seconds, but also automatically process these payments in real-time.

We, as pioneers in the German e-commerce industry, are proud to present the first practice-relevant application. With this solution, we transfer the real-time economy into the payments system of the German e-commerce industry
Boris Jendruschewitz of Otto Group

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