Payments service provider, Ecommpay, has launched Open Banking Select, the latest addition to its integrated open banking payment suite. According to the vendor, it offers greater control and scale over payment routing options, a consistent user experience, and all the features of Open Banking Advanced. In addition, the company says that it is now the first and only payment provider to orchestrate card payments and open banking transactions via a unified proprietary platform.

Integration with top-tier open banking providers, Token leads the way

Open Banking Select includes integrations with top-tier open banking providers. Token leads the way, as well as Neopay and Nuapay. Merchants interested in harnessing the benefits of Open Banking Select with pre-existing partnerships will be able to unify their payment flows by adding their current and preferred trusted Open Banking partners to their payment ecosystem, subject to Ecommpay’s rigorous criteria.

Open Banking Select includes a variety of beneficial capabilities. These include having additional control and personalisation options over their payment routing, enabling further scalability and regional expertise. E-commerce vendors will also benefit from additional features. Examples include access to the fastest bank rails in the EEA and UK and a dedicated local IBAN. This means only one bank account is needed to receive payments. Additionally, Ecommpay says that businesses can enjoy effortless payout and refund processes. This is facilitated through a user-friendly client dashboard, resulting in a 60% reduction in refund processing time.

Merchants also gain advantages through an automatic notifications system when funds reach the account. This eliminates the need for manual checks and payment verifications, with comprehensive reconciliation reports provided daily or weekly.

Open Banking by Ecommpay three service tiers

Account2Account is designed for small businesses looking to move away from traditional manual bank transfers to modern A2A payments. They benefit from open banking functionality and benefits including authenticated users and time savings via descriptor automation.

Advanced serves medium and large companies to access more capabilities from diversifying revenue streams to entering new markets.

The third tier, Select, caters for medium and large companies as well as open banking partners. Ecommpay says that this unlocks its most comprehensive, customisable, and controlled payment experience.

Moshe Winegarten, chief revenue officer, Ecommpay, said: “As an established, international PSP, we have over a decade of experience in providing a tailored experience for online businesses. This latest addition to Open Banking by Ecommpay underscores that commitment to offering merchants the most innovative and flexible capabilities. Select will enable e-commerce vendors to unlock new revenue streams and optimise operations. The payments industry is ready for open banking innovation and Ecommpay is driven to provide the best possible solutions.”

Ecommpay and Token: ‘highest success rates in the industry’

Todd Clyde, CEO, Token.io added: “This partnership exemplifies our mutual commitment to making Open Banking-enabled payments a mainstream payment method.

Token.io’s best-in-class connectivity combined with the power and capabilities of Ecommpay’s suite of advanced open banking payment products, provides the highest success rates in the industry, as well as substantial growth and expansion opportunities for merchants.”

Ecommpay announced the launch of its new open banking payment system in 2020. The company expanded the service to Europe in November 2020.