Volante Technologies, a global provider of software for payments, has announced a partnership with Open Vector, an consultancy specializing in the design of open banking to create a comprehensive service for global banks looking to adopt open banking capabilities, the companies said in their announcement. “We are the gateway between the API world and the bank’s platforms,” said Nadish Lad, global head of payment product at Volante. AP Photo/Elise AmendolaMaking direct payments from consumer bank accounts to merchants is probably the number one use case for open banking, said Peter McKenna, global marketing director at Volante. When consumers use credit cards, merchants receive only 92% to 94% of the purchase price — the rest is lost to card and processor fees. “The online merchant would rather take it from your account, and with real-time payments it could have those funds directly.

Source: Forbes November 16, 2017 19:30 UTC