London, 20 January 2022 – ECOMMPAY – a leading international payment service provider with its own fintech ecosystem for business growth – has today announced the expansion of its Open Banking capabilities to cover Romania, Spain, and Greece.
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 funds 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, with confirmation that settlements are made according to the time schedule approved with each client individually.
ECOMMPAY will continue to expand the number of countries and banks covered as it strengthens its Open Banking solution throughout 2022.
Paul Marcantonio – Executive Director 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.”
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 has the potential to create an entirely new relationship between consumers, businesses, and banks by enabling secure and consented data sharing between banks and third parties.
However, in the UK research shows almost half (48%) of consumers have some level of confusion about Open Banking and its uses, whilst one in ten (10%) business leaders still don’t understand how Open Banking could help their business. The research came as part of ECOMMPAY’s latest whitepaper: ‘Beyond the pandemic: The outlook for Open Banking’, which provides an analytical overview of the current payment landscape, data on changing consumer and business behaviour, how Open Banking fits in and the key learnings for businesses. The data indicates further education is needed for Open Banking to realise its potential in the UK, across Europe, and around the world.