Tech

Clear Junction announces new service for open banking vendors –

  • Clear Junction announces new e-wallet usage service for merchants.
  • The new service is a one-stop-shop solution that minimizes the boarding and integration effort required.
  • A combined solution is expected to put further pressure on the adoption of open banking.

May 11, 2022: Clear Junction today announced the introduction of a new e-wallet solution that will enable open banking providers to overcome some of the challenges they face when entering the market.

Clear Junction is working on a new and improved e-wallet solution that adds value to open banking providers. Payment Initiation Service (PIS) licenses are usually very specific and do not allow providers to hold merchant funds. This means that merchants must enter into an agreement with an open banking provider and a separate arrangement with a bank or payment service provider.

However, with the new Clear Junction e-wallet for merchants, open banking providers partnering with Clear Junction can connect with merchants while offering open banking technology and settlement and collection accounts. So their customers can take advantage of a one-stop solution that minimizes the boarding and integration effort required.

HOW THE NEW SERVICE WORKS

Clear Junction provides an e-wallet master for open banking providers through which they can generate a sub-wallet for each of their buyers. Merchants can send and receive payments in and out of their e-wallets (held and operated by Clear Junction and integrated into the banking provider’s open platform).

These e-wallets are linked to both Faster Payments and SEPA Instant Payment Rails which means that GBP and EUR payments are collected and resolved instantly. It serves as a complete solution that greatly enhances the offering of open banking providers to customers; not only is the process faster for them, it is faster for their customers, making their offer more attractive with little hassle. This additional workflow efficiency is expected to increase the competitiveness of open banking versus card acquisition.

“As a firm focused on providing services to banks and financial institutions, we are delighted to announce this new product to open banking vendors,” explains Berivan Demir, Director of Product Relations & Banking at Clear Junction. “The recent increase in fees announced by Visa and MasterCard further emphasizes the importance of open banking as an alternative for global merchants. Through our new e-wallet offering, open banking providers are able to enhance their offer to customers, making the whole process of sending and receiving funds quick and easy. Our work plan includes the implementation of local IBANs across mainland Europe in order to streamline local PIS collections very soon. ”

To learn more about accessing the e-wallet master service for open banking providers, contact our staff by emailing solutions@clearjunction.com

Clear Junction announces new service for open banking vendors –

Source link Clear Junction announces new service for open banking vendors –

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