Powering Next-Generation Payments: Cardstream’s Integration with Open Banking 

Powering Next-Generation Payments: Cardstream’s Integration with Open Banking 

As a leading Payment Service Provider, Cardstream® is excited to announce our new Open Banking payment service, introducing an innovative way to pay for our Partners and their Merchants. This service enhances our robust payment and acquiring Fintech, delivering greater flexibility and efficiency in payment processing than ever before.

Cardstream’s own Open Banking payments 

Our Open Banking service is available through our Payment Gateway, with payments safeguarded and processed by our own regulated group company. Our Open Banking service currently offers Single Immediate Payments (SIP). We plan to release Variable Recurring Payments, the banking equivalent of card-on-file, later this year when the UK banks enable this feature. Our Open Banking payments service provides secure, frictionless, and ultra-low fraud payments that are more cost-effective than card payments. 

Single Immediate Payments: Streamlined One-Off Transactions 

Through our integration, Merchants can now offer their customers the ability to make instant account-to-account payments. The process is simple: 

• Customers select the Open Banking payment option at checkout.

• Payments are initiated directly from the customer’s bank account.

• The payments are collected by our own regulated acquiring service, and settled daily, along with any card transactions, to the Merchant.

• The service also allows Merchants to process refunds quickly and efficiently directly to their customers’ bank accounts.

Benefits for Merchants 

Our Open Banking payment service brings substantial advantages to Merchants who use our payment gateway: 

Cost Efficiency: Open Banking payments are more cost-effective than traditional card payments. 

Low Fraud: The consumer uses their banking app biometrics to approve a transaction, so the chance of fraud is ultra-low. 

No Chargebacks: Single Immediate Open Banking payments are irrevocable, so Merchants don’t get chargebacks.   

Ready to Enable Open Banking?  
If you’re ready to enhance your checkout experience and offer your customers a seamless, secure way to pay directly from their bank accounts, Cardstream’s Open Banking payment service is the solution for you. See our Open Banking article for more information and contact us today to learn more about enabling this feature on your platform.