Moving investors towards bank-based payments has several key benefits for crowdfunding investors. This article highlights the difference between ‘Open Banking’ payments and legacy payment methods.
Open Banking has already proven its value for organisations with similar needs to crowdfunding. Fundraising and wealth management companies are already using Open Banking services to reduce payment expenditure and improve customer experiences.
It’s important to note that the advent of Open Banking is bigger than payments — but we think payments is the primary area of interest for crowdfunding companies.
If you’d like to learn more about Open Banking, we wrote this five-minute article…
The world of PSD2 & Open Banking is littered with jargon and acronyms. This article is too — but we’ve included a full glossary at the end 👌
The EU’s PSD2 legislation has enabled a new generation of fintech services, based on consensual access to consumers’ bank account data.
The legislation has enabled national and multi-national Open Banking initiatives, programmes letting companies re-imagine financial services. Use cases range from new payment formats to personal finance managers to customer identification methods.
This article outlines the three main routes businesses can take to access the benefits of Open Banking.
This topic contains a lot of acronyms. We’ve taken care to define these the first time they’re used.
Open Banking is based on the idea that open, consensual access to consumers’ bank account data benefits them and supports competition in the market. Traditionally, banks have been data silos lacking an incentive to let other companies access their customers’ information. But now regulators across the world are working to free up access to this data for the sake of competition and innovation.
Instant third-party access to customer bank account data supports the development of new services and thriving fintech ecosystems. From…
Everyone has been affected by the Coronavirus in some way.
At Citizen we recognise how lucky we are to be able to work remotely.
Some of us have to juggle homeschooling little ones with Zoom meetings. Others are sharing kitchen tables with their housemates.
It’s not ideal — but we’re thankful for our (relative) security.
Staying home is critical for protecting key workers and the vulnerable. But some households are facing uncertainty around their housing situations even amid the epidemic. UK nonprofit Shelter has stepped up to help keep families safe through the crisis.
Last year we entered a partnership…
Open Banking remakes payments in favour of merchants and their customers. The EU’s PSD2 legislation came into effect in 2018, designed to boost competition in financial services and modernise payments infrastructure. This involves a new kind of payments company, able to provide A2A (account-to-account) transactions throughout Europe.
Payment Information Service Providers (PISPs) access consumer and business bank accounts directly via the banks’ APIs. This lets them move money directly between accounts, without any other intermediary.
Compare this with card payments. Card transactions pass through a chain of several companies. This typically includes a payments gateway, acquirer and processor, as well…
The last 5 years have seen a flood of innovation in payments. Customers are choosing to do more of their shopping online, and this increasingly means on a mobile device. Newer payment methods reflect this changing reality.
‘Alternative Payment Method’ used to mean anything that wasn’t cash or a credit card. Now it’s used to mean anything that doesn’t use traditional payments infrastructure — specifically, credit card companies like VISA and MasterCard.
Customers now have more choice over how to pay than ever before, and this is clearest online. …
A broad overview of Alternative Payment Methods (APM’s).
Transferring money between banks is slow. If we’re in London and want to pay someone in South America from London, it would be faster to carry a bag of cash in an airplane.
Alternative Payment Methods, or APMs, use different infrastructure to traditional payment methods like credit cards. Moving transactions of card infrastructure lets payment providers offer lower payment fees and reduces settlement times.
‘Alternative Payment Method’ (APM) used to refer to anything that wasn’t cash or a credit card. In the internet era, the definition of an APM has expanded to…
Relying on card payments is expensive. Alternative Payment Methods (APMs) like PayPal or Apple Pay typically carry similar fees.
Payment methods using modern infrastructure can be more cost-effective, thanks to laws reshaping the European payments ecosystem.
This article compares cardless payments via Citizen to conventional card payments.
And this is how we do it. No cards, no typing. One simple integration
Citizen is a Payment Initiation Service Provider (PISP). This means we can transfer funds between accounts, without the delays and costs of using payment card infrastructure.
We’re able to do this because PSD2 makes banks in the EU &…
Payments services built on Open Banking bring numerous benefits to gambling companies. Reduced payment and operational costs, a simplified customer experience and instant settlement.
Open Banking providers access customer data stored by banks, with the approval of the individual. They integrate directly with financial institutions via API, letting them provide account information and payment initiation services.
Open Banking is the UK’s implementation of the EU’s PSD2 legislation. These laws require banks serving EU customers to provide APIs for regulated third parties. This makes PSD2 and Open Banking the basis for an EU-wide account-to-account payments system.
PSD2 created two new types…
Wheat, gold, plastic, data. Throughout history the way we pay has become more portable and more convenient. The digital transformation has driven changes in payments as it has every other aspect of our lives.
Credit cards were developed in a process spanning 100 years, accompanying the emergence of payments as an industry.
American sci-fi author Edward Bellamy suggested the idea of a credit card way back in 1888. The emergence of this instrument in the real world begins in the US, although it would be another 80 years before anything resembling Bellamy’s card was used widely.
As early as 1865…