FIS has introduced a new payment solution for Worldpay merchant clients and their consumers.
The solution, called Open Banking Hub, will enable consumers to pay for their online purchases directly from the bank account.
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The move will eliminate the need to enter card details or other account information during checkout process.
Additionally, the solution enables the consumers to view their bank account balance and supports real-time refunds from merchants.
The launch comes at a time when open banking is gradually reshaping the banking and payment industry. The system uses application programming interfaces (APIs) to provide third-party access to consumer’s financial data.
Worldpay Open Banking Hub enables merchants to accept direct banking payments through a single API integration. The solution automatically redirects customers to the respective banking provider’s app to complete the payment.
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By GlobalDataFIS chief growth officer Asif Ramji said: “The beauty of our Open Banking Hub is that it allows merchants to offer real-time pay by bank account options to consumers and the ability for consumers to see their bank account balance during the sale – all without needing to share account details.
“Merchants that invest in digital payment options that provide consumers with greater control over their finances, will be the ones to capture the attention of today’s digital-native shoppers.”
Headquartered in Florida, FIS offers technology solutions to merchants, banks and capital markets firms.
Earlier this month, the company introduced Fraud Freedom, a chargeback indemnification service for cryptocurrency brokers and exchanges.
