Payments Overview
Open Banking Payments allows an alternative payment option to Card Payments and Direct Debit.
Single Immediate Payments (Pay by Bank)
An established and growing alternative to card payments. Single Immediate Payments (SIP) forms the core of Open Banking Payments. Payments are initiated via the documented journey. end-users the ability to make payments via their online banking directly to organisations, quickly and easily.
Pay By Link
Pay By Link extends the SIP capability, allowing merchants, organisations, or individuals to generate a unique payment link or QR code which can be shared with payers. This enables flexible, remote, or in-person payment requests without requiring the payer to enter destination account details manually.
Create a regular payment schedule with customers that allows an exceptional level of flexibility in terms of when the payment can be taken and the amount. All of this is wrapped around an agreed consent with the user providing certainty around what will be taken and when.
Sweeping VRP
A movement of funds between accounts in the same name, such as sweeping excess funds from a current account to a savings account in the same name (this can be between different banking instutions).
Commercial (non-sweeping) VRP
A movement of funds between customers and businesses. For example, setting up a flexible repayment with a utilities provider. VRP support for commercial (non-sweeping) use cases depends on individual bank support and may incur additional charges.
In addition to facilitating payments Moneyhub also offers the ability to check account details prior to payment using a lightweight AIS call. Via this call you can retrieve account name, bank account number and sort code, with these details you can setup a Payee ID for re-use in future payment actions to ensure greater payment certainty.
Alongside our comprehensive suite of payment API's we also have a lightweight low code/no code Payment Widget for rapid deploy of payments capabilities into your wider payments journeys. These offer a quick way to enable payments in your website or app
Updated about 8 hours ago