UK-besed FintechCashier providing Open-Banking solutions

Tuesday, 12 July 2022

FintechCashier is making Open Banking available to businesses in the UK and Europe. With more affordable and secure payment options, the payment gateway and solution provider is assisting in reducing the friction associated with bank transfers.

Businesses based in the UK and Europe can use an Open Banking solution from the UK-based payment services provider FintechCashier. Their infrastructure guarantees to speed up bank transfers, reduce processing times, and ensures cost-effective and secure business banking.

Connecting banks, third parties, and technical service providers for simple and safe data transfer is known as “Open Banking.” FintechCashier can now enable frictionless payments between banks via Open Banking, making it a better alternative to existing systems. Payments are more flexible and encourage customer interaction than other payment methods like credit card processing since they are quicker and cheaper.

Open Banking is a concept that advocates for greater financial transparency for account holders, the use of open APIs to enable developers to build financial tools, and open-source software. In the EU, PSD2 is the primary driver of Open Banking development, while the UK has made it compulsory for the nine largest banks to allow licensed startups access to their data to the level of transaction-account transactions. In the UK alone, there are 335 regulated providers, 247 third-party providers, and 88 account providers using Open Banking, as of May 2022 (Open Banking Implementation Entity).

Shalom Dodoun, founder and director of Fintech Scion Ltd, the holding company for FintechCashier, states, “With the growth of Open Banking, we are proud that FintechCashier is one of the innovators making payments and banking easier and more accessible for businesses and their customers. Through Open Banking, we are enabling our clients to engage their customers more effectively by making banking faster, cheaper, and more secure.”

FintechCashier gives account holders the benefit of receiving funds immediately. Moreover, the payment service’s use of Open Banking gives clients the option to have payments initiated from their website. Open Banking payments save FintechCashier users 70% compared to the cost of processing card payments, and eliminate the risk of chargebacks and mislaid payments. Customers are able to complete the payment using any of their bank accounts without having to provide their bank details to the merchant, keeping their sensitive data secure.

About FintechCashier

FintechCashier UK, a payment gateway and solution provider, licensed and authorised by the FCA holding EMI permission in the UK and Europe, guarantees a seamless, transparent, and fast portal for their clients around the world to receive the transaction related funds of their customers, to manage their cash flow, and to make settlements. FintechCashier supports a wide spectrum of services, ranging from credit card processing, exchange, eCommerce and wire solutions. ONE Application, ONE Integration, GLOBAL REACH.