How Open Banking is forging a new era in payments in Europe

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Open Banking holds enormous promise for PSPs to make many payment functions faster, cheaper and more efficient.

About the report:

Our latest report reviews the new landscape after COVID-19. As the global economy continues to recover from the pandemic, a new payments landscape is emerging, holding many opportunities for Payment Service Providers (PSPs). This includes a greater number of merchants looking to accept electronic payments for the first time as they develop their online offering as a complement to or replacement for their physical presence, and more revenue flowing through digital channels.

Plaid’s open banking solutions help PSPs address two main obstacles: They help enhance merchant bank account verification and lower the costs of doing business. As more commerce moves online, online fraud increases with it. Plaid’s open banking data network provides permissioned access to vendor and merchant’s financial data so that PSPs can verify and authenticate merchants and vendors during onboarding. This strengthens and expedites the process so that PSPs can keep fraudulent actors away from their platforms and real sellers can get started faster.

Despite the obvious growth opportunities, keeping up with the tech landscape can be onerous for merchants. Account-to-account payments are an addition to an ever growing list of new payment types, and open banking data for onboarding may seem like an additional complication. PSPs can offer all of the necessary solutions for improved payment journeys and onboarding so their customers can tailor offerings to the local market needs.

Learn about the benefits of Open Banking for PSPs, including:

  • Higher conversion rates for merchants
  • Lower fraud rates
  • A simplified payment experience for both merchants and consumers

Download the report today and learn how Open Banking is forging a new era in payments.