The announcement comes at a time when open banking has already disrupted the consumer space. Its adoption has significantly grown globally and reached critical mass in Europe. Today it is commonplace for consumers to use open banking payments while handling bill payments or at the checkout of an e-commerce store. However, the B2B space has been widely underserved until now.

Peder Berge, CEO of Payer, comments: “Payer saw an enormous opportunity for open banking payments in B2B. We believe it has an even greater potential for disruption than in the consumer space with a wide range of use cases that solves specific pain points that businesses know all too well. Helping merchants implement the right payment mix is critical otherwise they will be stuck with something that is either too expensive, causes friction for the end-user or results in costly administrative headaches for the back office teams.”

Payer’s vision to serve businesses with the latest technology, is one step closer with the launch of open banking B2B payments. The company is entering into a new space taking care of the payment initiation via open banking APIs, while developing an end-to-end solution that helps businesses to capture payments, with full reconciliation and settlement, giving the merchant full visibility of the payment status in real time.

Berge, continues: “Knowing exactly when the money has been captured has been a challenge that typical open banking providers have not been able to solve. The solution we have designed makes a huge difference to businesses that now know with certainty that the goods can be safely dispatched.“

While there are clear gains for the seller, the end-user can also enjoy the benefits from its simplicity and security. Now buyers can complete the payment with ease, having prefilled payment information and the same authentication method they would normally use with their bank, eliminating manual errors and friction that results in better conversion and user experience.