A New Era in Financial Transactions
Introduction
In this digitalized and evolving world of finance, consumers and businesses alike have a secure and efficient way to manage their transactions. Open banking is the new paradigm, which promises innovative solutions.
In this blog post you'll take a detailed look at two payment methods, focusing on these open banking offerings over ad card payments and platforms like Contiant being at the forefront of the industry.
What is Open Banking?
Open Banking is a technical solution for financial institutions and banks to connect their databases through APIs. This fosters a partnership environment where third-party developers can build and innovate new services and applications. This is bringing a drastic change in the financial ecosystem.
The Limitations of Card Payments
Card payment is popular and widely used among consumers and businesses, however they have their setbacks such as:
High fees: these significantly reduce business profits, especially for small transactions and small businesses.
Chargebacks: When a consumer disputes a transaction, the funds are taken from the business account and returned to the consumer. This leads to lost sales and additional charges.
Delayed Settlements: It can take several days for card transactions to be processed and deposited into the business bank account.
The Advantages of Open Banking
Open banking has several advantages over traditional banking, including:
Lower fees: Contiant offers an open banking payment solution that can be three times cheaper than traditional card payments.
No Chargebacks: The risk of chargebacks is eliminated with open banking, thus reducing the financial and administrative burden on businesses.
Instant settlements: Businesses and consumers can have instant access to their funds, improving their cash flow.
Security and fraud prevention: Open banking gives security to businesses by verifying the identity of users and thus reducing the risk of fraud.
Unique user experience: Contiant provides a seamless and fast checkout experience, helping conversions and customer satisfaction.
Access to data and analytics: Businesses have continuous access to detailed information and history of transactions and account balances.
Contiant's open banking platform provides a "one payments power grid" that works with 95% of all the EU banks such as Barclays, HSBC, Bank of Scotland, Revolut Bank, Deutsche Bank, and Citi Bank,offering a robust and versatile solution for businesses.
Open Banking Across Industries
Contiant has spanned several industries, providing innovative customized solutions:
Lending: Open Banking provides income and expenditure analysis, balance checks, etc
iGaming and Forex: Helps reduce fraud, players can receive their winnings in seconds, increasing security and user satisfaction.
Crypto: Users can load their FIAT accounts in two clicks and receive their funds in seconds.
Jump into the future of finance with Contiant!
