How can cross-border expansion be simplified for merchants?

 

  • Merchants and PSPs can implement Open Banking payments “as a service”
  • Collection model vendors eliminate the need for local merchant bank accounts
  • Open Banking can help reduce local collection fees

 

When it comes to cross-border transactions, Open Banking payments have the potential to deliver a seamless, borderless online user experience, giving consumers the option to get the goods they want and pay with their preferred method.

You just need to find a vendor that can enable Open Banking payments. If you work with one that has a collecting model, your merchants don’t even need a local bank account or contract.

With the right partner, there’s no longer a need to use multiple providers to support local card payments, work on multiple new technical integrations or many of the other painful processes that can make cross-border expansion a lengthy and agonising mission.

Cross-border-native Open Banking payments (such as Trustly) can eliminate the hassles of cross-border payment acceptance. For example, a Swede may have a card that works in the UK, but when they are ready to click buy, the UK merchant's acquirer won’t accept the payment.

Real-time Open Banking payments also offer the potential to diminish the age-old problems of card fraud and rising card processing costs. However, it must be noted again, that achieving those benefits will require support from a qualified partner.

FAQ: Cross-border payments and Open Banking

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Why are online cross-border purchases increasing in the EU?

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What makes online cross-border payments so complicated?

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What are Open Banking payments?

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How does an Open Banking payment flow work, in general?

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Do European banks have to facilitate Open Banking payments?

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How does SCA work with Open Banking payments?

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How do Open Banking payments work across borders?

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Are Open Banking payments popular with consumers?

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Why do consumers like Open Banking payments?

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How can Open Banking payments speed up cross-border settlement?

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How do cross-border Open Banking refunds work?

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How can you choose the right Open Banking payments provider?

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