Ecommpay, a leading international payment service provider and UK and European direct bank card acquirer, has been shortlisted at the prestigious Merchant Payment Ecosystem (MPE) Awards in the Best Use of Open Banking for Payments category.

Ecommpay has been nominated for Open Banking Advanced, a proprietary product that exceeds standard account-to-account payment limitations. The solution notably increases checkout conversion rates to 92%+ for existing e-commerce clients and lowers reconciliation and refund times by 60%.

Open Banking offers a faster, simpler and safer way for customers to pay, with the Ecommpay’s solution offering 85%+ coverage of local banks in the EU and UK via a single integration.

Open Banking Advanced by Ecommpay combines pay-ins and payouts, a dedicated sub-account, funds aggregation, payment confirmation and automatic reconciliation. The solution enables easy management of funds from multiple sources, disbursement of payments and transaction tracking, thus meeting complex banking requirements. 

The company has seen growing demand for Open Banking or pay-by-bank payments, which goes hand-in-hand with the goals of online businesses to expand, decrease payment fees and improve efficiency. Ecommpay's turnover has benefited from Open Banking Advanced, with figures showing a notable increase in 2022 and 2023. The average year-on-year growth rate is around 120%.

Head of Financial Partnerships, Arthur Ribakovs, commented: "Ecommpay is thrilled to be nominated for an award by the Merchant Payment Ecosystem, proving that our Open Banking solutions are setting new standards and staying ahead of industry trends. By developing and perfecting innovative in-house built payment solutions such as our Open Banking Advanced, Ecommpay not only addresses the evolving needs of merchants but has also significantly transformed end-user payment experiences."

In a market inundated with financial solutions, Open Banking by Ecommpay stands out as a catalyst for operational efficiency and client satisfaction, and represents a significant shift in payment preferences. 

The company’s unrivalled Open Banking ecosystem contains a full suite of user-centric, secure solutions, each with purpose-built capabilities to address specific business needs:

• Account2Account for small businesses looking to move away from traditional manual bank transfers to modern A2A payments and benefit from Open Banking functionality and features — including time savings via descriptor automation and broadened coverage due to a consistently growing number of bank integrations.

• Open Banking Advanced for medium and large companies requiring extended capabilities, such as diversifying revenue streams and entering new markets.

• Open Banking Select for medium and large companies, featuring integrations with top-tier Open Banking providers, with Token leading the way, as well as Neopay. Merchants with pre-existing partnerships can unify their payment flows by adding their current and preferred Open Banking providers to their existing payment ecosystem, subject to Ecommpay’s rigorous criteria.

Ecommpay’s payment experts will be speaking and exhibiting at the Merchant Payment Ecosystem 2024, Berlin, March 12-14, helping businesses maximise their potential and grow in new markets.

Book a personal consultation at MPE 2024 to reduce time to revenue, banish payment fraud and ensure a best-in-class checkout experience for customers worldwide.