ECOMMPAY expands Open Banking coverage across Europe

By Joy Dumasia

ECOMMPAY, a leading international payment service provider with its FinTech ecosystem for business growth, has announced the expansion of its Open Banking capabilities to cover Romania, Spain, and Greece. ECOMMPAY will continue to expand the number of countries and banks covered as it strengthens its Open Banking solution throughout 2022.  

Introduced in 2018, Open Banking makes it easier for consumers to view their finances, take out loans or pay for things online, while businesses also benefit from faster payments, more information and understanding of their customers, and greater opportunity to innovate by adding more revenue streams via apps and other financial products while paying less for services. Overall, Open Banking can create an entirely new relationship between consumers, businesses, and banks by enabling secure and consented data sharing between banks and third parties. 

Launched in August 2021, ECOMMPAY’s Open Banking solution now covers 20 countries, with users able to connect to 2,000 banks, allowing them to make instant account-to-account payments. The solution offers aggregation, deposit confirmation; automated reconciliation; plus payouts and refunds via the API/merchant dashboard. The reconciliation process is also easier and faster for the merchant, confirming that settlements are made according to the schedule approved with each client individually. 

Paul Marcantonio, Executive Director of UK & Western Europe at ECOMMPAY, commented: “The expansion of ECOMMPAY’s Open Banking solution in Romania, Spain, and Greece means businesses and consumers of all types will now be able to take full advantage of Open Banking’s benefits across Europe. While Open Banking adoption has been gradual, extensive coverage is important to allow real flexibility and truly international coverage to users.”

IBS Intelligence reported that Payment service provider ECOMMPAY had announced the expansion of its payment system Open Banking by ECOMMPAY to Europe in a bid to allow consumers to initiate online payments to merchants.