Innovation In Open Banking
It's getting easier to Pay By Bank
Disclaimer: views expressed here are my own and do not represent any other organisation
In May of this year I asked What’s Holding Back Open Banking?
I answered that Open Banking has been held back by a lack of focus on consumers.
Open Banking providers have spent too long focusing on the benefits for businesses. Rarely is the question asked: What’s in it for consumers?
With Open Banking, merchants pay lower fees than card payments, and they get faster, even instant, settlement of funds. There are no chargebacks.
This sounds great for merchants, but the first two points make no difference to consumers. The last - the loss of chargeback rights - is a negative for consumers.