Open banking payment provider Ecospend has joined forces with car repair payment platform Bumper to help redirect payments between customers and merchants.
Bumper is using Ecospend’s payment system to allow payments to be split between Bumper and over 3,500 local partners that supply the motor parts. The ‘Pay-by-Bank’ option initiates a direct bank transfer with prepopulated payment details including Bumper’s.
The payment solution will also provide an efficient way of redirecting payments between customers and merchants within the Bumper platform. Bumper will also minimise card fraud and chargebacks by using Ecospend’s open banking payments that are authenticated using customers’ biometric ID.
“Our closed loop payment system will provide Bumper with the ability to significantly reduce card transaction costs, while minimising the chance for card fraud and charge backs,” said James Hickman, CCO, Ecospend.
“The benefits that this can bring to both Bumper and its clients are far reaching, and we are excited to help them reach the next step in their payments journey. With each open banking payment being authenticated using customer biometric IDs, the solution is incredibly secure as well as efficient.”
Bumper says the partnership will allow the company to improve and evolve its service.
Last week, Ecospend also unveiled a partnership with QR-code based payment services app PENG. The partnership enables PENG’s small business customers to benefit from open banking services in the form of free transactions and enhanced security.
Commenting on the partnership, PENG’s founder James Kibera said: “Particularly over the pandemic we noted incredible changes in payment trends and, with traditional payments being subjected to increased regulation and scrutiny, the opportunity for small businesses to extract value from pay tech advances are much clearer. Open banking’s rising popularity speaks to this, and to the wider transformative power of open finance.
“We position ourselves as value-driven. Gradually we’ll aim to incorporate more products to assist the innovators and entrepreneurs, the self-employed and sole traders – but for the moment we’re all about momentum with free, safe, no delay, cardless transfers.”
Image and article originally from thefintechtimes.com. Read the original article here.