Open Banking provides an opportunity for merchants to offer a better customer experience at a lower cost. To achieve that, there are a few essentials you need to know about Open Banking vendors.
- Working with an Open Banking provider that collect funds enables greater capabilities
- To minimise reconciliation costs, merchants need batch settlement and detailed reporting
- Choosing a provider that offers instant refunds will improve your customer experience
- Only a provider with an in-the-flow-of funds collection model can support cross-border transactions
As consumer interest in Open Banking takes off