Global payment service provider and acquirer emerchantpay announces its strategic partnership with TrueLayer, a European open banking payments network. Through the alliance, emerchantpay will offer payments by bank transfer as an online checkout option for merchants across the UK and Europe.
With this solution, emerchantpay’s merchants can leverage this new payment option to allow customers to instantly connect to their online banking environment at checkout for a secure and frictionless payment experience. By simply logging into their bank accounts to complete the payment, customers can swiftly complete transactions in seconds. There is no need to create additional accounts with TrueLayer or even manually enter financial account details such as the account number and sort code on the merchant’s website.
Once the customer verifies the payment through their preferred banking environment, they are automatically redirected to the merchant’s website and the transaction is complete. The amount is instantly deducted from their bank account, simplifying personal financial management for consumers.
The solution benefits merchants by reducing the risk of failed payments since customers do not manually enter payment information, which may result in errors such as typos or incorrect payment details. Additionally, another benefit is the minimised risk of fraud since consumers authenticate each payment directly through their banking solution.
The simplicity of open banking is proving to be an innovative force in the payments industry, with Juniper Research expecting that Open Banking payments transaction value will exceed US $330 billion globally by 2027, highlighting the immense potential of this collaborative initiative.
Jon Horddal, chief product officer at emerchantpay, comments on the partnership: “Providing our merchants with an open banking payment option aligns perfectly with our vision of connecting businesses and consumers everywhere. With TrueLayer’s innovative open banking network, we are excited to further simplify payments for our merchants and enable them to offer their customers additional modern, secure and convenient ways to pay.”
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