Enabled by the European PSD2 regulations. Using Open Banking, customers initiate a payment to a merchant or corporate using their mobile banking App or online banking webportal, in exactly the same way that they would pay with bank transfer. Funds are then transferred to the merchant immediately using the real-time banking rails.

Open Banking removes the need for organisations to worry about the complexities of PCI DSS compliance, as the merchant does not accept, transmit or stores any cardholder data.

Consumers connect securely to their internet or mobile banking to make a payment, without disclosing any credentials or account details to the merchant, negating PCI DSS requirements.

The business further benefits from a reduction in fraud and subsequent chargebacks as the transaction is processed with full Strong Customer Authentication (SCA) in line with PSD2.

Settlement of funds is made in real-time, giving the organisation faster access to their cashflow and further savings are usually made as the Open Banking payments are typically processed at a lower rate that traditional card payments.

During the huge disruption caused by Covid-19, a study by the Open Banking Implementation Entity (OBIE) showed that over 2 million people now use online banking apps to make payments each month, with 80% reporting that is was ‘easier’ or ‘as easy as’ Paypal.

Using Open Banking, customers initiate a payment to a merchant or corporate using their mobile banking App or online banking webportal, in exactly the same way that they would pay with bank transfer. Funds are then transferred to the merchant immediately using the real-time banking rails

The transaction is secure for both the customer and the merchant as ‘Strong Customer Authentication’ (SCA) is used to access the online banking account, whether that be a password or biometrics, such as thumb or facial recognition.

Open Banking payments are a simple payment option to integrate into your existing checkout page, particularly in a mobile commerce environment.
There are significant benefits:

• Customers checkout seamlessly without the need to enter any data, reducing checkout abandonment (mobile checkout only)
• Payments are in real-time, providing you immediate access to funds
• Refunds can be credited back to customers in real time, improving the customer experience

• There are no PCI DSS requirements to worry about, reducing your security risks
• Benefit from lower costs compared to card and wallet payments

Gala Technology believe that every business should have access to affordable technology that allows them to take secure and PCI DSS compliant payments, across a host of channels, including telephony, e-commerce and web-chat, whilst negating the risk of fraud related chargeback and reducing processing costs.

Our cloud based SOTpay platform gives you the flexibility to take secure payments via email, SMS, Electronic Invoice or even on Social Media channels, remaining in constant contact with the cardholder or simply receiving agent notifications when payments are completed.
The business or agent can simply generate a payment link, which is sent to the customer.