Open banking payments are transforming how businesses in the UK manage transactions, offering a faster, more secure, and cost-effective alternative to traditional methods. Between 2021 and 2023, open banking payments surged by 455%, reaching over 54.5 million transactions, showing its growing adoption.
What this means for businesses
For businesses, this means streamlined operations with faster checkouts, lower transaction fees, and reduced fraud risks. Customers pay directly from their bank accounts, bypassing cards and lengthy checkouts, using a QR code or payment link. These payments are confirmed with secure biometric methods, enhancing both convenience and security.
In-store and online, businesses can leverage open banking through QR codes or payment links sent via SMS or email, improving cash flow with instant payments. This system also supports payroll and supplier transactions, making it versatile for various industries. Moreover, open banking integrates easily with accounting software, offering automating reconciliations and reducing manual work.
For customers, the simplicity and security of open banking make it an appealing option, while businesses benefit from faster payments, improved cash flow, and better insights into their finances. As open banking continues to evolve, more businesses are expected to adopt this efficient payment method, gaining a competitive edge.
Atoa For Advisers
Atoa is built on Open Banking technology to provide all these benefits and more. Mortgage advisers have started seeing these benefits and they’re loving Atoa’s newest integration with Xero, making it easier and cheaper than ever to collect invoice payments.
Or reach out to hello@paywithatoa.co.uk for more information!
Many thanks,
Atoa Team
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