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February 20, 2019updated 26 Feb 2019 2:43pm

Powering Open Banking: Adyen launches new payment method

By Briony Richter

The new Adyen Open Banking payment method aims to revolutionise the way consumers pay.

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  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
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  • Regulations
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As the world continues to become more interconnected, the financial landscape is rapidly changing how it interacts with customers.

Open 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.

Adyen Open Banking payment

Adyen Open Banking payment

 

 

 

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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