Macropay debuts Open Banking service

Customers need to place a high level of trust in their banks to protect the funds they need to survive, but there has not always been enough transparency to earn that trust. Furthermore, many customers have been frustrated by the excessive hurdles, inconvenience, and red tape they run into when they have to deal with their banks.

Fortunately, all of that is in the process of changing, thanks to the open banking movement. Macropay is pleased to announce our new Open Banking from Macropay service that will soon be released to further our growth in the world of open banking.

What Is the Open Banking Movement?
Open banking is a push within the banking and payment processing world to open more integrated banking options for customers. The aim is to give bank users the opportunity to choose from a wider variety of banks rather than those in their immediate area. This allows the option of using banks with better security records and with banking options that better fit their needs.

What Is PSD2 and How Does It Play a Role in Open Banking?
As we noted, Open Banking by Macropay is a way for us to further the open banking movement. While some payment providers, banks, and other institutions are working toward a world of open banking on their own, the movement is being accelerated by a unique European directive called PSD2.

PSD2 stands for “Payment Service Providers Directive 2,” an amendment to an earlier directive from 2007. PSD2 establishes guidelines that are propelling the open banking movement further in order to create competition among banks, allowing customers to have access to more banks than ever before. While there are other goals involved in PSD2, this is a chief focus of the directive.

How Is PSD2 Revolutionizing Open Banking?
PSD2 actually strengthens the open banking movement in multiple ways.

First, the directive establishes regulations that make it easier for banks’ platforms to integrate with each other. This is designed to give consumers easier account management and smoother access to various banks.

Second, the directive takes similar steps for payments. It is designed to make it easier for banks’ payment systems to communicate with each other. This means that when consumers want to make a purchase, they aren’t limited to a select few banks or platforms that the seller’s bank can communicate with.

Finally, PSD2 providers for safer and more consistent authentication processes when you are making purchases online. This is designed to make online transactions safer for consumers no matter how they’re processing their payments.

What Is Open Banking from Macropay?
Open Banking from Macropay is a bold service that makes it easier for consumers to use and access the banking resources of their choice. The service is an integrated platform that allows you to access all your banking accounts in one convenient place.

In Open Banking by Macropay, you can not only see all your accounts but you can make secure payments from any of these accounts as you choose. You can even transfer funds between accounts within this singular platform.
What Are the Benefits of Open Banking from Macropay?
The goal of Open Banking from Macropay is to give consumers more options in their banking, more control over their banking, and a smoother and safer experience. There are several ways our upcoming service accomplishes this goal.

Easy Account Management
Having accounts at multiple banks or financial institutions is a fantastic way to protect your finances, and to have easier capabilities to make payments and do business around the world. The problem is that logging into several separate banking portals to access and manage all these accounts is time-consuming and stressful.

Instead, Open Banking from Macropay allows you to manage all of your accounts in one single integrated portal. You can transfer funds between accounts with ease, all while saving valuable time.

Simpler Payment Process
Open Banking from Macropay doesn’t just allow you to view and access your banking accounts. It also allows you to process payments from any of these accounts too.

The platform is designed to create a user-friendly experience with a smooth, no-hassle payment process. Each of your accounts has pros and cons, from transaction fees to reward points, and they can choose which account is best to use for each transaction with ease. All users need is an Open Banking from Macropay log-in.

Consistent and Strong Banking Security
Security is one of the most crucial aspects of banking in today’s world, with online payment scams becoming commonplace problems. Open Banking from Macropay is designed to protect your safety in two ways.

First, when you make a payment through this platform, your transaction is backed by Macropay, a payment processor with a long-standing reputation for security and safety. Our team specializes in providing safe and smooth transactions, so you can rest easy knowing that you have the added security measures on your side.

Second, accessing all your accounts in one place actually makes your accounts more secure. If you have several banking portals to log into, you’re less likely to be able to remember your log-in credentials for all of them. You’ll likely need to write them down, and this puts your security at risk.

Open Banking from Macropay, however, allows you to use just one log-in for all your banking needs. There’s no need to compromise your safety by keeping a notebook of passwords that someone can find in your home or office.