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Will Payment Initiation Services spark open banking's Big Bang in 2021

Open Banking has not yet had a Big Bang moment but the rollout of new Payment Initiation Services (PIS) could trigger an explosion in its adoption amongst businesses

During the pandemic, technology has been at the forefront in almost all aspects of our lives – from how we stay connected to how we shop. Covid has been the digital accelerant of the decade, pushing businesses around the globe to refocus their efforts on their digital strategy to future-proof their business operations.

This accelerated move towards an omnichannel approach has meant many businesses have been stretched financially, which means reducing running costs and increasing cashflow are now key.

Last week, our CBO Leon Muis spoke to The Paypers about his prediction that the combination of Payment Initiation Services (PIS) and the acceleration of digitalisation could trigger an explosion in adoption of open banking. By embracing PIS, businesses can cut costs by reducing transaction fees by up to 90%. The money from purchases is also received instantly, freeing up valuable cash reserves. This is both a benefit to the business and to the customer, who will enjoy the frictionless user experience in this additional payment option.

PIS offers a win-win for businesses and their customers, and there is every reason to expect both sides to embrace convenient, fast, reliable, and secure PIS over the next few years’, explains Leon.

You can find the full article on The Paypers site here

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