BR-DGE partners with Moneyhub to accelerate the use of Open Banking payments
By Joy Dumasia
BR-DGE has formed a strategic partnership with Open Data and payments platform Moneyhub to accelerate the use of Open Banking payments to provide a new seamless digital way to pay. For Moneyhub, the partnership is a crucial step forward in its vision of enhancing financial wellness for people, their communities, and their businesses.
BR-DGE will integrate Moneyhub’s Open Banking technology into its platform, which acts as a single point of integration for a world of payment options. This means merchants no longer need to pick and choose between one or two payment providers at high cost and administrative burden. Offering more excellent choices and flexibility for merchants also increases the likelihood of payment success due to removing overreliance on a small number of payment providers.
Merchants using BR-DGE can now offer customers Open Banking as a payment method. This allows them to transfer funds directly from their bank account to the merchant’s bank account rather than using a card or a PayPal account. Benefits of Open Banking for merchants and consumers include reduced card transaction fees, instant payment settlement, better user experience, and increased security. Consumers can pay online without fear of having their card details stolen, and merchants can take advantage of this Strong Customer Authentication (SCA) compliant payment option.
Brian Coburn, CEO at BR-DGE, said: “Through Moneyhub, we are pleased to be integrating Open Banking into our payment orchestration platform. Providing access to a world of traditional and innovative payment solutions through the click of a button is the future of payments. Offering Open Banking as part of this is a key piece of this puzzle. We are on a mission to put payment power back in the hands of merchants and their customers, and we believe the scale and impact of failed payments has largely been brushed under the carpet. We look forward to working with Moneyhub to improve merchant profitability and financial control for their customers.”
Sam Seaton, CEO at Moneyhub, added: “We are thrilled to partner with BR-DGE by rolling out Open Banking payments to the many. Both merchants and consumers have so much to gain from bank-to-bank payments security, speed, efficiency, and cost. Scaling up payments is a truly vital task and partnering with BR-DGE further enhances consumer options.”
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