iBanFirst leverages open banking to allow its clients to fund their iBanFirst account by debiting their external bank account, all without ever leaving the iBanFirst platform!

Open Banking has opened the door for third party Payment Initiation Service Providers (PISPs) to initiate payments directly from customers’ bank accounts. This creates new opportunities for instant account-to-account (A2A) payments, which are now being contemplated for online shopping and bricks and mortar purchases. Join this discussion as we explore the opportunities, form factors, challenges, and who wins and who loses in this brave new world of A2A payments.

There are many value-added services you can provide once you have access to a customer’s transaction history. One I particularly like is how you can use this data to showcase the power of rounding up transactions and taking the “small change” to save it or maybe donate it to charity. This can be a difficult feature to sell to prospective customers who don’t appreciate how all these small transactions can quickly add up.

I should quickly explain what I mean by Open Banking. Simply put, it allows the owner of a bank account to grant third-party access to that bank account. They can control what accounts can be seen, how long that access can be granted for and for what purpose.

The bank account owner (your customer) feels safe doing this because they are authenticating directly with their bank, using their online banking credentials, confident that the third party won’t see or store them.

The beauty of the US Open Banking API is that it handles the connections to all the banks (10,000+ US connections), provides a secure dialog so the account holder can authenticate, and caches the financial data so when you execute a query it comes back quickly (not having to make a round trip to the bank every time).

In the next video I will show you how to use the US Open Banking API to pull the past 6 months of transactions (and up to 24 months) so you can then apply a rounding up feature to show how much the customer could have saved or donated over that timeframe.

If you haven’t already done so, check out our getting started blog video that will walk you through the steps to create your account, get your sandbox keys and get connected to the US Open Banking APIs here: https://developer.mastercard.com/blog/us_open_banking/

Aiia, a Mastercard company, works to shape the future of an inclusive digital economy where all businesses and people can live a simpler and more convenient life. Through its European open banking networks, partnerships, and passions, the company seeks to empower choice and security with a single infrastructure of payments and financial data.

The network allows businesses and financial institutions to integrate financial data and to offer account-to-account payments directly in their services to an estimated reach of 337 million European citizens.
Today, Aiia has more than 3.000 connected banks across 18 European markets, handles more than 100 million API requests on a monthly basis and more than 2 million account-to-account payment requests processed on a monthly basis for large banks and e-commerce payment gateways.

By enabling individuals, financial institutions, governments and businesses with open banking Aiia, a Mastercard company, empowers companies from various industries to meet the demands of the modern consumer. All while giving them the freedom to pay without having to press pause.
Learn more: https://www.aiia.eu/