Open Banking is the new way for consumers to pay, allowing your business to accept payments by bank transfer in a modern and safe way.
Enabled by the European PSD2 regulations. Using Open Banking, customers initiate a payment to a merchant or corporate using their mobile banking App or online banking webportal, in exactly the same way that they would pay with bank transfer. Funds are then transferred to the merchant immediately using the real-time banking rails.
Using our award-winning Pay By Link, solution SOTpay in conjunction with Open Banking provides an exceptional, secure and PCI DSS compliant transaction journey for your customers, enabling them to make payment on their device of choice, with no card data required.
Fast and simple customer checkout with no card details to enter enabling the merchant to receive money (and sends refunds) in real-time, complete with webhooks to confirm payment status.
Instalment plans & recurring payments options also available.
Fast & Simple
Secure & Compliant
Fully SCA compliant payment method, lowering your fraud rates.
Consumers connect securely to their internet or mobile banking to make a payment, without disclosing any credentials or account details to the merchant, simplifying PCI DSS requirements.
One, simple, low-cost fee
No additional charges for failed or declined transactions
No chargebacks, minimising back office headaches
Full reconciliation files
Simple API integration