Open Banking - PISP In Action
No doubt you’ve heard plenty about PSD2 this year and you’ve heard all the accronyms; PISP, AISP, ASPSP… It all sounds great in theory but what does it really mean for your customers? What does a PISP payment actually look like?
Typically your customers will browse to your site and:
- Add items to a shopping cart.
- Select to Pay by Bank Account.
- Select their bank.
- Log on to it as normal.
- Select the account from which the payment will be made.
- And Confirm the payment. Simple!
Our aim is to make the whole process as painless as possible so that, in time, your users will see the Pay By Bank Account option as their default option for payments. No need to worry about credit limits or having to type in card and CVV numbers. Also, as users are redirected to their online banking site, they can be confident that their payment is just as secure as when they log on to check their bank account balance.
For you, as merchant, bank details are passed between your customers and their bank so no need to worry about your clients’ sensitive data. And no PCI/DSS compliance to worry about either.
For more on this see the Open Banking section.