With our society’s increasing dependence on online services, from purchasing groceries and services to servicing our banking needs, chances are you have experienced several roadblocks when using traditional banking methods. Whether it is the extra fees, accessing more markets, or just filling long forms when making online purchases, transactions before the emergence of open banking technology was far from the breeze that it is today. Thanks to industry innovators such as Adam Clarke’s fintech company Macropay, these hassles are now a thing of the past.
What is open banking technology?
Open banking refers to “the system of allowing access and control of consumer banking and financial accounts through third-party applications.” It transforms the entire online banking scene by improving consumer experience and significantly removing risks of fraud.
Macropay Innovates Open Banking Solution
The system in itself opens more avenues for consumers and businesses.. It does so by allowing access to more markets with little to no downtimes. Macropay takes the industry a step further by supplying bespoke solutions to its customers.
Reach the European markets within one system
Macropay’s solutions take compliance issues out of the picture, thereby opening more possibilities for businesses to flourish within the European markets. As one of the most trusted Alternative Payment (APM) gateway in the region, the fintech company founded by Adam Clarke has established its rightful position as a trusted partner when it comes to entering new markets.
Next level anti-fraud security
The inherent risk in the open banking system lies in sharing consumer data to third-party applications. However, there are a variety of risks involved. The consumers are at risk, just as much as the suppliers. Macropay recognises such risks and equilibrates the arena by providing a top-notch security system so robust that it covers both sides of the transactions.
Reliability and customer experience
Having a client-centric mindset that serves both the consumer and the merchant, Macropay ensures smooth transactions with 99.9% uptime for all its users. Furthermore, through a simple and easy-to-use platform, users do not have to think about filling long forms when transacting online. Not only does this provide convenience, it also minimises the risk involved in data scams.
Better conversion rates for businesses
Usually, the drop off rates of customers sit right at the payment processing page. Businesses are losing their hard-earned profits. Traditional methods ask consumers to fill in their banking information every time they want to make a purchase. However, Macropay ensures better conversion rates by eliminating this stage by directly connecting to the bank site to authorise payment without keeping any sensitive data.
Having usability at the core of their service, Macropay showcases an easy to comprehend banking flow. They removed the complicated payment processes and shortened the entire ordeal to just a few steps. Users can now select their bank, input their data once, and choose their preferred account whenever they need to make a payment online.
The Future with Open Banking
Despite the innovation it presents, the worldwide usage of open banking is still at its infancy. Further developments are set to change the paying world in terms of solutions-based approach to client needs and customer experience. Both will be powered by open banking tech.
These strides in payment technology leads to an overall better service for consumers and businesses alike. Visit their site to learn more about open banking.