Unlock open banking
On March 28th, IAMTN and Trustly joined forces to organise a session about open banking, showing the benefits of open banking for remittance businesses. We have prepared a summary of the event, below.
Veronica started of by introducing the hosts of the evening, Michael Garcia, Director of Account Management Financial Services and Johan Sundström, Director of Financial Services Sales.
After a quick intro to Trustly, the world's largest Open Banking payment provider, Johan Sundström showed a 33-second screen captured film of an actual Open Banking payment on a remittance platform. The movie showcased how Open Banking enables quick and intuitive payments, with built-in biometric SCA (secure customer authentication) a payment that doesn't require any manual input.
The term Open Banking is used to describe 5 things: the Concept, the Regulation, the Standards, the API's and the Product. As the audience was Remittance businesses, the presentation focused on Payments and the importance of adoption. Since Credit and Debit card is the leading current payment method, Johan continued with a deep dive into the difference between cards and Open Banking and how the latter is a payment method more suited for a modern remittance provider. Improved UX, less risk and fraud as well as often much cheaper than cards will make OB payments a must-have in a checkout going forward.
After Johan's presentation, Michael Garcia invited Arslan Naeem and Rehan Ashraf from Ace Money Transfer to join him in a chat on how they have adopted Open Banking in their company. Ace has offered OB payments since 2018 and the share of checkout has continuously grown over the years. When first launched, Ace had to educate the consumer about OB, but statistics show that more than 85% of consumers trying an Open Banking payment on a remittance platform, never go back to cards or manual bank transfers. Nowadays, the consumer knows how Open Banking works.
Other takeaways Arlsan and Rehan had was that adding a new payment method is built on trust, so it is important to choose the right supplier, with great support, great bank coverage, quick settlements and a robust organisation.
The afternoon finished with a Q&A with Michael, Johan and Lawrence Koo, Trustly's Director of Product with many great questions from the audience followed by drinks and snacks.