Account Opening: Powered by Open Banking
Simplify your account deposit process with Open Banking payments
How can Open Banking help?
Experience a faster and more secure way to deposit money into a new account. Open Banking payments enable your customers to transfer funds into a new account seamlessly and quickly, bypassing card fees and delays.
Too many customers are missing out because account deposit processes are too complicated: accounts get abandoned and automatically closed after a period of inactivity.
Instant, friction-free and secure
When you allow your customers to open an account and transfer funds at the same time, using Open Banking payments technology, you will:
• Significantly reduce account abandonment rates
• Reduce processing fees and wastage
• Improve customer acquisition and retention.
Break away from card fees and risk of human error from manual transfers
Our A2A (Account to Account) Open Banking API (Payment Initiation Service) offers a seamless depositing process for every customer who has an online bank account.
Find out how Nationwide improved their new account funding process
For customers
Simplify, secure, and speed up deposits like never before.
No more manually entering sort codes or account numbers. Lean on the security of banking apps to reduce the risk of fraud.
Ready to transform your account opening experience?
Join the innovative banks who are reaping the benefits of A2A Open Banking payments. It's time to enhance your services, offer the best user experience, and witness a surge in customer loyalty.
How Open Banking Payments work for account deposit payments
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Customer opens new account.
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Your customer selects the option to pay by bank transfer.
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The customer chooses their preferred bank.
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The customer is redirected to their own banking app where they select the account to pay from and can confirm the payment amount.
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Customer authorises the deposit transfer through their banking app with embedded Secure Customer Authentication (SCA).
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Customer receives confirmation that funds have arrived in their newly opened account.