Open banking payments are authenticated directly between consumers and their banks, meaning, unlike with direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds. It works in a similar way to most online banking methods. A customer simply selects the payment type during the checkout process, at which point they are redirected to their bank’s online banking environment to securely confirm the payment.
Open banking payments are authenticated directly between consumers and their banks, meaning, unlike with direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds. It works in a similar way to most online banking methods. A customer simply selects the payment type during the checkout process, at which point they are redirected to their bank’s online banking environment to securely confirm the payment.
