In today’s fast-paced digital world, efficiency is key, and Open Banking as a Service streamlines the entire payment process, from payment request to reconciliation.
In this blog we’ll cover:
- How Open Banking Payments as a Service can make enterprise business payment systemts more efficient and secure
- Eliminating errors and inaccuracies in invoice reconciliation with automation
- Levelling up Payment processing capabilities with Open Banking Enterprise Payment Systems
Improve your income collection cycle
One area where businesses can make significant improvements is in their income collection cycle. By using Open Banking as a Service, businesses can transform their whole payment processes, from payment requests to payment reconciliation.
Open Banking as a Service is a system that allows businesses to connect with their customers’ bank accounts directly. This system provides a secure and efficient way to collect payments and streamline the income collection cycle. With Open Banking as a Service, businesses can automate their payment processes and reduce the amount of time and effort required to collect payments.
Invoice Reconciliation made easier
Payment reconciliation is a critical aspect of any business’s financial management. Invoice reconciliation can be a time-consuming and laborious process for many businesses. However, one of the biggest advantages of using Open Banking as a Service is invoice reconciliation. Businesses can automate this process and reduce the risk of errors and inaccuracies by eliminating the need for manual reconciliation. The system automatically matches payments received with outstanding invoices, reducing the risk of errors, and enhancing data precision. At the same time, business benefit with a real-time view of their accounts, enabling them to identify any discrepancies quickly and take action to resolve them.
Enterprise business payment systems are also available through Open Banking as a Service. These systems are designed for larger businesses and provide advanced payment processing capabilities, including bulk payments. These systems can also integrate with existing accounting or financial software, ERP or CRM, reducing the need for manual data entry and improving accuracy.
But what if you don’t have the resources to manage your payment processes in-house? That’s where Open Banking Payments as a Service comes in. This service allows you to outsource payments processing to a third-party provider, who will take care of everything from collecting payments to reconciling accounts. It’s perfect for businesses that want to focus on their core competencies.
Open Banking Payments as a Service
The Payments as a Service is another option available through Open Banking. This service allows businesses to outsource their payment processing to a third-party provider, like Ordo. The Payment Initiation Service Provider (PISP) takes care of all aspects of payment processing, from collecting payments to reconciling accounts. As the payments are fully managed and hosted, this service can be particularly useful for businesses that do not have the resources to manage their payment processes in-house – or for businesses who simply don’t want to have to.
Open Banking-powered payments, a secure payment system with instant settlements
Open Banking powered Payments consist in a highly secure payment system that safeguards both businesses and their customers enabling instant payments without exposing bank the payer or payee’s bank details.
This advanced payment system is engineered to be safer than card payments and deploys the latest security protocols to ensure that all transactions are secure and protected from fraud whilst.
With just an Account-to-account payment (A2A) or “Pay by Bank,” customers can easily make payments while enjoying the peace of mind that their information is secure. Businesses, on the other hand, can take advantage of the convenience of instant clearing of funds without compromising their customers’ data security.
Moreover, Open Banking eliminates the need for PCI DSS compliance, making regulatory compliance easier and more straightforward.
Variable Recurring Payments (VRPs)
This cutting-edge feature provides businesses with a hassle-free way to automate payment schedules by creating smart mandates with the consent of the payer.
The best part about Variable Recurring Payments (VRPs) is that they eliminate the need for manual intervention, ensuring that all payments arrive instantly and with the correct references. Additionally, VRPs provide a more flexible, controlled, and transparent user experience compared to traditional direct debits, making them more appealing to customers and resulting in higher adoption rates.
This feature can be particularly useful for businesses that have recurring payments, such as subscription services or regular invoices.
And this is just the tip of the iceberg, of how businesses can leverage Open Banking to transform their income collection cycle. These payment solutions are more than just a payment tool – they offer advanced capabilities like bulk payments, instant refunds, and Variable Recurring Payments (VRPs). The manual reconciliation becomes a thing of the past.
By automating your payment processes, you’ll improve the customer experience and boost your chances of getting paid on time. Secure, efficient, and customer-friendly – Open Banking as a Service is the game-changing solution your business needs to optimise its financial management. Get a live demo today and how you can easily take your business to the next level by transforming the way you collect payments.