Here are the correct answers!

Navigating the Open Banking maze. What online businesses need to know about Open Banking payments - download the provider comparison.

Here are the questions/answers


Q1 How many people in the UK use open banking today, and will be using it by 2024?

C 3. million, 8.8. Million

Q2. What does OBIE stand for?

B Open Banking Implementation Entity

Q3 What is a PIS?

A A service that initiates a payment directly from a consumer bank account, e.g. to a merchant when the consumer is shopping online 

Q4 Can PIS initiated payments fail to settle?

A Yes

Q5 Does being a PIS provider automatically mean that you can offer refunds?

B No, you have to also collect funds.

Q6 Can all PIS providers remember returning users and offer a quicker, more seamless flow - reducing abandonment rate?

A No

Q7 Can all PIS providers offer the following? Tick all that apply

C Remove risk of chargebacks