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Real-time reports of customer transactions
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Effective dispute settlement process
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Open Banking Payment Solutions provided by exactly®

The Open Banking payment API presents a faster and more cost-effective solution than traditional card-based payments.
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Key benefits for merchants and customers

Open Banking is changing the financial industry by increasing accessibility, fostering competition and providing personalised and innovative financial services.

Merchants
Opportunity to expand your business in UK and Europe
Increased conversion rates due to a smooth payment process
Lower transaction costs due to fewer intermediaries
Advanced fraud detection and prevention using existing bank security features and protocols
Customers
Possibility to reduce service costs
Advanced security backed up by clients' banks
Transparent banking for increased trust and clarity
Smoother customer experience due to the simplicity of the payment process

How Open Banking payments work?

1.

Customer initiates payment

At the checkout, your customer proceeds to initiate the payment.

2.

Choice of payment method

Your customer selects the option to pay by Open Banking

3.

Preferred bank is chosen

The customer chooses their preferred bank.

4.

Customers’ Banking App is opened

The customer is directed to their banking app to choose the account and confirm the payment amount.

5.

Customer authorises payment

The customer approves payment via their banking app, which includes Secure Customer Authentication (SCA).

6.

Payment is confirmed

After the payment is authorised, the customer is returns to the checkout page, where the payment is confirmed.

Open banking supported countries

Great Britain
Sweden
Germany
Latvia
Belgium
Italy
Spain
Poland
Austria
Bulgaria
Denmark
Estonia
Ireland
Norway
Luxembourg
Lithuania
Finland
Romania
France
Netherlands
Hungary
Portugal
Czech Republic
And more...

Why exactly®?

Chargeback prevention

The advanced chargeback alert and analytics system continuously watches all transactions and helps protect your business

High security standards

Access to your merchant account management system via a two-factor authentication to protect from any potential break-ins

Fast integration

Choose an integration type that fits your business needs and start accepting payments immediately

24/7 technical support

Tailor the payment page according to your brand design to be able to provide a truly seamless payment experience

Custom feature stack

You say, we listen. On-demand feature development to widen your business opportunities

Real-time reporting

Get instant access to key financial information in real-time

FAQ
Frequently Asked Questions
1. What is Open Banking, and how does it differ from traditional banking?
2. How does Open Banking enable the seamless integration of financial systems and services?
3. What are the key features of the Open Banking API platform, and how can they be leveraged?
4. What regulatory frameworks exist for Open Banking, and how do they impact its adoption?
5. How does Open Banking promote innovation and competition in the financial services industry?
1.

What is Open Banking, and how does it differ from traditional banking?

Open Banking is a financial technology (fintech) concept that refers to sharing of financial information through APIs (application programming interfaces) between financial institutions and third-party providers. It is designed to give consumers and businesses greater control over their financial data and enable them to share it with other financial institutions and third-party providers.

2.

How does Open Banking enable the seamless integration of financial systems and services?

Open Banking allows for the seamless integration of financial systems and services using APIs, which enable different software systems to communicate and share data. This allows financial institutions and third-party providers to access customer financial data in real time, resulting in innovative financial products and services that can be seamlessly integrated with existing systems.

Open Banking APIs improve efficiency and reduce costs by automating processes and streamlining workflows while giving customers more choices and flexibility in managing their finances.

3.

What are the key features of the Open Banking API platform, and how can they be leveraged?

The Open Banking API platform offers real-time access to financial data, consent-based data sharing, secure access through authentication and encryption technologies, a standardised API framework, and regulatory compliance. These key features enable financial institutions and third-party providers to develop innovative products and services, such as real-time credit decisions and personal finance management tools.

Open Banking APIs facilitate innovation, competition, and customer-centricity in the financial industry, promoting the development of new and improved financial products and services.

4.

What regulatory frameworks exist for Open Banking, and how do they impact its adoption?

Open Banking is regulated differently in various regions, with Payment Services Directive 2 (PSD2) controlling Open Banking in Europe. PSD2 requires secure and standardised APIs for third-party providers and strong customer authentication for electronic payments.

The Competition and Markets Authority (CMA) and the Open Banking Implementation Entity (OBIE) oversee Open Banking APIs in the UK. Regulatory frameworks impact Open Banking adoption, with some facilitating adoption through standardisation and increased security, while others have increased compliance costs and complexities. Regulatory frameworks promote innovation and competition while ensuring customer data security and privacy.

5.

How does Open Banking promote innovation and competition in the financial services industry?

Open Banking boosts innovation and competition in the financial services industry by increasing competition, enhancing customer experience, promoting standardisation, and enabling more incredible innovation.

By allowing third-party providers to access customer financial data, Open Banking encourages financial institutions to improve their products and services to meet customer needs.

This creates a more personalised customer experience and simplifies financial processes through real-time transactions and data sharing. Open Banking also facilitates the development of new financial products and services, promoting standardisation and efficiency, leading to more innovation and competition. In summary, Open Banking fosters a customer-centric and innovative financial services market that benefits consumers and financial institutions.

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