International payment service provider (PSP) ECOMMPAY has expanded its open banking payment services in Europe.

Dubbed as ‘Open Banking by ECOMMPAY’, this payment system allows consumers to make online payments to merchants. It leverages open banking technology.

Third-party payments providers can use API connections, and access banks’ data, to enable customers to initiate payments.

The solution allows consumers to connect to 4000 banks in over 28 countries in Europe.

Merchants, on the other hand, can use this solution to accept payments from customers directly into their bank account, in real-time.

It complies with GDPR requirements for accessing customers’ financial data, for making credit decision on loans or other transactions.

Consumers can make purchases using their smart devices. They can use their bank’s mobile app to approve payments.

Moreover, it eliminates chargeback risks for merchants, without needing credit or debit cards.

The payment process can be customised based on region, currency, and other requirements.

The solution brings the services needed by customers and other decisions under the administration of banks.

Currently, Open Banking by ECOMMPAY is available in the UK, Latvia, Estonia and the Netherlands. It is expected to be launched in more countries soon.

ECOMMPAY executive director Paul Marcantonio said: “Open Banking is revolutionising the way we pay, and the recent growth in its use indicates people are looking for more payments choice.

“Open Banking for Europe by ECOMMPAY will allow us to cater to the increasing number of people taking advantage of this secure, real-time and simple payment technology.

“Our solution will let merchants quickly expand into new markets and accept payments directly from customers’ bank accounts.”