Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

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.”

Related IBS Intelligence Research

Related Posts


NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »