The new Adyen Open Banking payment method aims to revolutionise the way consumers pay.
As the world continues to become more interconnected, the financial landscape is rapidly changing how it interacts with customers.
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By GlobalDataOpen Banking provides the whole industry with the opportunity to improve and further the value of data security and user experience.
Adyen has acted quickly and tapped into the UK’s largest account providers. Furthermore, the company expects other European countries to follow.
Europe’s constantly changing regulatory landscape has had a few things to tackle in recent years.
Strong Customer Authentication ensures extra security for payments by adding additional levels of authentication. Furthermore, with PSD2 and GDPR impacting the sector, banks and financial organisations must now up their game.
Open Banking as a payment method are quick, affordable and extremely secure. It reduces payments cost and lowers fraud exposure. It also provides customers with more payment options at a time when demands for better ways to pay are high.
On it’s site, Adyen stated: “Access to 90% of all major UK banks. With our Open Banking offering service, you have access to over 90% of all major UK banks.”
This is all using the same, single integration.
Adyen Open Banking payment method: a seamless solution
The Adyen Open Banking payment method is available via Adyen’s single integration and covers web, iOS and Android.
Therefore if a customer already uses Adyen they can switch the service on today.
As Open Banking becomes available in more regions and adopted more widely by consumers and merchants, Adyen expects to see more innovation surrounding payment flows.
UK Managing Director at Adyen, Myles Dawson, commented: “Bank transfers between consumers and merchants are already extremely popular in mainland Europe because they offer greater fraud protection without adding friction to the payment process.
“We are excited to be the first payments provider to offer a fully-compliant, direct payment solution in the UK and it has been great to work with the Open Banking Implementation Entity to bring these benefits to consumers and merchants.”
In addition, Dutch airline KLM is the first major brand to roll-out the offering.
