Open Banking is the concept of sharing banking information outside the bank. Historically, data and actions with funds are only available to the funds owner and his bank. Open banking introduces the concept of the Banking Consent, when the funds owner allows some third party provider (TPP) to read his bank’s data – such as account information, balances transactions, etc.There is also a payment initiation option, which allows TPP’s to create new payment methods without any intermediaries – such as card schemes (Visa, Mastercard) and wallets (PayPal, AliPay).
The Open Banking concept has been developed many years ago, within the general transparency and technical progress stream. As the banks, usually, are mature and hardly regulated organizations, it is quite hard for them to be as innovative as the other sectors are. That created a gap between the banking sector services and other technological services. This gap can be eliminated by young TPPs who are licensed to connect to a bank upon Open Banking protocols and transform the data in a most efficient way to help users and businesses.
The Open Banking framework can be considered as the “App Store” concept for the finance world: instead of a few large technical service providers, there are going to be a lot of them, connected to banks and competing with each other.
The main obstacle for the Open Banking spreading – is how to motivate the banks to share the technical accesses. Lots of regions – such as the United Kingdom, Europe, Canada, Australia, already implemented the respective regulation, which obliges the banks to support Open Banking. Starting from 2021, a lot of Open Banking providers started their activities, and had already achieved very significant results in Europe and the UK. There is no doubt in the payments society that open banking will radically change the payments and financial landscape during the next few years.
The online businesses can achieve a great value from Open Banking payments. Comparing to collecting payments via cards or wallets, Open Banking allows them to:
In the previous years this was hard to establish a smooth payment process with open banking. The technology has been quite raw, poor bank coverage and complex integration procedures. Noda Pay makes this all go away: direct connections to hundreds of banks, automated onboarding and reconciliation procedures, and cutting edge technology allows businesses to avoid all the pain points. Businesses can simply integrate the Noda Pay button into their websites and start collecting payments, to say, right now.
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