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Worldpay’s Open Banking Hub to enable instant payments from bank accounts

worldpayFIS announced today the launch of Open Banking Hub, a new payment solution for Worldpay’s merchant clients and consumers. Customers of Worldpay’s merchants will be allowed to pay for their purchases directly through their bank accounts and view bank account balance in real-time during checkout. The solution removes the need for customers to enter card or account information into a third-party site.

“Simplicity is key to meeting the expectations of today’s consumers,” said Asif Ramji, Chief Growth Officer, FIS. “The beauty of our Open Banking Hub is that it allows merchants to offer real-time pay by bank account options to consumers and the ability for consumers to see their bank account balance during the sale – all without needing to share account details. Merchants that invest in digital payment options that provide consumers with greater control over their finances will be the ones to capture the attention of today’s digital-native shoppers.”

According to Worldpay, the Open Banking Hub is expected to simplify the process for merchants by offering a single API integration to banking providers. While purchasing the Hub, customers will be automatically redirected to their banking app for order completion. In case of a refund, the solution also allows merchants to credit those bank accounts in real-time, providing a superior experience and greater choice to their shoppers. The Open Banking Hub is available to consumers and covers all major banks in the UK, with other markets to follow later this year.

“By breaking down barriers to innovation in the industry, the open banking movement is making banking services more convenient, better tailored and fundamentally smarter for consumers,” said Imran Gulamhuseinwala, Implementation Trustee of the Open Banking program funded by the UK Competition and Markets Authority. “To see technology leaders like FIS bring to market a new payment product based on open banking is a powerful testament to the growing market adoption of this new model.”

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