ECOMMPAY expands open banking payment solution to Europe

By Megha Bhattacharya

Payment service provider ECOMMPAY has 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. It is expected to enable third-party providers to access banks’ data to provide payment initiation through API connections.

Paul Marcantonio, Executive Director of ECOMMPAY, commented, “Open Banking is revolutionising the way we pay, and the recent growth in its use indicates people are looking for more payments choice. Open Banking for Europe by ECOMMPAY will allow us to cater to the increasing number of people taking advantage of this secure, real-time and simple payment technology. Our solution will let merchants quickly expand into new markets and accept payments directly from customers’ bank accounts.”

“With the pandemic shifting businesses online faster than ever before, the need for fast, safe and secure payment methods is growing. There is an urgent need to cater to a variety of payment methods, and at the same time to counter fraud and cyber-crime.”

ECOMMPAY’s solution will allow consumers to connect to over 4000 banks in more than 28 European countries, while merchants can accept payments from customers in real-time, directly to their bank account. The solution is available in the UK, Latvia, Estonia and the Netherlands, and will be rolled out to further countries soon.