/payments

News and resources on payments systems, innovations and initiatives worldwide.
Worldpay rolls out Open Banking Hub for account-to-account payments

Worldpay rolls out Open Banking Hub for account-to-account payments

Worldpay is rolling out a new Open Banking Hub to merchants, enabling users to pay for purchases direct from their bank account, circumventing the need to enter card or account information into a third party site.

The Worldpay Hub provides a single API integration to all UK banking providers. When consumers make a purchase via a mobile device they are automatically redirected to their banking provider’s app to complete their order, while also able to view their bank account balance in during the checkout process.

For shoppers who request a refund, the Hub enables merchants to credit accounts in real time.

According to a recent report from Omdia, it is estimated that alternative instant payments, including those like the Worldpay Open Banking Hub, could overtake card payments online in 2024.

The Open Banking Hub is currently available to consumers and covers all major banks in the UK, with other markets to follow later this year, says Worldpay

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 June, 2020, 14:25Be the first to give this comment the thumbs up 0 likes

While the technology may be different, this is functionally very similar to EBA myBank. I predicted myBank would be a big hit in 2011. Let's see how Open Banking Hub fares.

Trending Stories