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1、 G U I D EA BUYERSGUIDEFind the perfect partner to help you build your new payment experienceO PE N BA N K I N G PAY M E NTS:2022TABLE OF CONTENTS3 Introduction:finding your perfect payments match4 Before you get started4 A note on terminology5 How to use this guide 7 Coverage 12 Features and functi
2、onality 16 Integration options20 Payer experience27 Stability and security32 Ongoing support36 Provider expertise40 Your open banking payment provider checklist44 Build better payment experiences with TrueLayer2A BUYERS GUIDEOpen banking paymentsFinding your perfect payments matchIf youre reading th
3、is,youre at a critical stage in your journey to add open banking payments to your website or app.As a payments product buyer,you likely know the problems with traditional online payment methods like card payments and manual bank transfers(high costs,high failure rates and poor user experiences to na
4、me a few).Youve reached the conclusion that the benefits of open banking payments can help you reduce reliance on other payment methods,reduce costs and fraud whether thats adding another option to your existing payment experience,or using it as the standalone payment method for your customers.And y
5、oure ready to serve the 65 million open banking users there will be across Europe by 2024.But how do you choose the provider that can build the right open banking payment experience for your business?The ever-evolving open banking landscape is an opportunity and a challenge.The regulatory picture is
6、 changing at different speeds in different countries,and finding a trusted partner is key to making the most of this technology.This guide is designed to help you with that.Itll walk you through each aspect you need to consider when choosing an open banking payments provider.From understanding the n
7、uances of global coverage to knowing exactly how to integrate open banking payments into your customer journey,this guide covers it all.Havent quite reached this stage in your open banking journey just yet?Start with our comprehensive guide to open banking to get to know open banking a bit better,wh
8、at it can do and how it can benefit your business.3A BUYERS GUIDEOpen banking paymentsBefore you get started While this guide is designed to help you better understand what questions you need to ask your provider,one question you should ask yourself is:“What am I trying to achieve with this new paym
9、ent experience?”Without that clarity in mind,it can be hard to focus on the most important questions and the answers you need.Remember,once youve shortlisted your providers,the next step is often a request for proposal(RFP)or request for information(RFI).These tasks can take weeks or even months,so
10、having the goal always in mind will help you reach the end of that process with a chosen provider who can deliver exactly what you need.A note on terminology For the purpose of this guide,well refer to the payment method as open banking payments because PSD2 legislation commonly known as open bankin
11、g made this payment method a reality.However,this isnt necessarily how you should name the payment method when speaking to customers.Instant bank payment,instant bank transfer,and pay by bank have become common customer-facing ways to describe an open banking payment.A good provider will guide you o
12、n the right naming conventions to increase customer adoption.More on that in Payer experience.4A BUYERS GUIDEOpen banking paymentsHow to use this guide The buyers guide to open banking payments is your playbook for finding the right open banking payment partner for your business.With it,you can bett
13、er understand which aspects of the overall payment experience are key to your brands success.The guide is broken down into seven sections,each covering a part of the selection process.1.Coverage Understand how coverage where you can take a payment or pay out through using open banking across the glo
14、be should be defined and measured,along with the complexities and quirks of different markets.2.Features and functionality The ability to collect a payment or allow your users to fund their accounts are table stakes for open banking.But there are so many other potential features throughout the lifes
15、pan of a payment that could improve your brands payment experience.3.Integration options How you add open banking payments to your app or website will depend on your developer resources and how quickly you want to go to market.Get to know what integration options are available and which is right for
16、 you.4.Payer experience Your open banking payment method is only as good as the customers experience when paying.Learn how the right provider can help you design open banking payment journeys that increase adoption and conversion.5.Stability and security Can you rely on your provider to help you bui
17、ld a payment experience that is both reliable and safe for your business and customers?Understand how to judge the quality of a providers testing and security regimes.5A BUYERS GUIDEOpen banking paymentsHOW TO USE THIS GUIDE6.Ongoing support A good provider will help you launch a payment experience
18、that works from day one.But ongoing support both reactive and proactive will be the mark of a long-term partnership with a provider.7.Provider expertise While you might get all the right answers to your questions,can you trust your provider to deliver?Discover how to evaluate your providers expertis
19、e,experience and track record.The 7 steps to choosing an open banking payments providerCan my provider build the payment method I need?Can I integrate the paymentmethod?Will the payment method perform as intended?Will I be able to maintain thepayment method?7.Experience and expertiseCan I trust my p
20、rovider to deliver ontheir promises?1.Coverage2.Features and functionality3.Integration options4.Payer experience5.Stability and security6.Ongoing support6A BUYERS GUIDEOpen banking payments Four ways to evaluate open banking payments coverage *If you want to send money to customers,as well as colle
21、cting payments,then use this same framework for payouts and withdrawals.CoverageWhat does coverage mean and why is it important?At its most basic level,coverage is the proportion of your existing and potential future customers that you can collect payments from,and potentially pay out to,using a par
22、ticular provider.Its critical to be able to serve as much of your current and future customer base as possible with your payment experience.But open banking coverage isnt as simple as it first appears.Not all coverage is created equal,and different providers measure coverage in different ways,making
23、 it tricky to directly compare two providers.For a true reflection of coverage,there are four angles to consider*1.Banked population2.Type of accounts3.The type of coverage4.The quality of coverageBanked populationWhat percentage of a given country can you reach with a provider?Type of accountsDoes
24、your provider connect to personal and business accounts at scale?Type of coverageDoes your provider use APIs,screen scraping or a mix of both?Quality of coverageAre the bank APIs reliable,and does your provider test them regularly?7A BUYERS GUIDEOpen banking paymentsBanked populationHow would you me
25、asure coverage?The number of people within a market that can use the payment method?In the case of open banking payments,that is the banked population,and it gives a true reflection of the breadth of coverage you can hope for in a given country.Some providers use the number of banks or even the numb
26、er of bank branches.While thousands of bank branches sounds like a big number,it may only represent a fraction of the banked population.ASK YOUR PROVIDERWhat percentage of the banked population does your service cover in country,and how do you plan on increasing it?Banked population vs number of ban
27、ks/bank branchesMeasures banks based on their size of customer baseShows how close a country is to full coverageTrue reflection of how many people you can reach in one countryBanked populationDoesnt diferentiate between diferent banks,so may overestimate coverageImpossible to tell how open banking-r
28、eady a market isHard to understand how many people you can reach in any countryNumber of banks/bank branchesCOVERAGE8A BUYERS GUIDEOpen banking paymentsCOVERAGEPersonal accounts or business accountsIf access to businesses is important to your brand,then make sure you know the coverage for business a
29、ccounts,too.For many providers its often lower than with personal accounts.ASK YOUR PROVIDERWhat is your coverage of business accounts in country?The type of coverageAdding open banking to your website or app is often a choice between application programming interfaces(APIs)and screen scraping.These
30、 are the two main ways your provider can connect to the banks.APIs are a secure way to connect.Payers authenticate their payment directly with the bank using strong customer authentication(SCA),and APIs typically enable app-to-app user journeys on mobile phones.In the UK and Europe,open banking APIs
31、 are highly regulated under PSD2 legislation for added security.Screen scraping,on the other hand,involves a customer sharing their bank account login details with the open banking provider,which stores them unencrypted on the server doing the screen scraping.With screen scraping,theres a much highe
32、r risk that confidential customer information can be leaked,and the very process is often a violation of a banks terms and conditions.From a business point of view,screen scraping is time consuming to maintain,as even the smallest update to a bank webpage can completely disrupt or outright break the
33、 user experience.Providers that use screen scraping might say it performs better than APIs.While its true that,in some countries,API-based open banking journeys are still evolving and havent yet reached their full potential,its important to future-proof your payment collection.Screen scraping has be
34、en deemed unsafe by 9A BUYERS GUIDEOpen banking paymentsCOVERAGEregulators across Europe,and plans are in place to eventually ban it while the API approach is heavily backed by regulators.ask your providerWhat percentage of your coverage is based on bank APIs vs screen scraping?The quality of covera
35、geWhile APIs provide a better experience for all parties,there can still be a big gulf in the quality of bank APIs.A provider may be connected to a bank through an API,but that doesnt mean they are pushing much traffic through it or testing it.For markets that are vital to your business operations,c
36、onsider a provider that has a significant testing regime in those areas.They should be processing high volumes of requests through the relevant APIs to understand bugs and edge cases.Providers should also be sharing findings directly with the banks to help them improve API quality and reliability,to
37、 the benefit of businesses and their customers.Under PSD2 rules,banks are required to fix technical issues,so an active feedback process will benefit your business.ask your providerHow much traffic do you have going through your connectors,and what is your testing process when integrating with APIs?
38、10A BUYERS GUIDEOpen banking paymentsCOVERAGE How does TrueLayer compare?TrueLayer covers more than 95%of bank accounts in major European markets for example,98%in the UK,99%in Spain and 95%in Ireland.Our coverage is constantly growing across Europe.We are also an unrestricted Accredited Data Recipi
39、ent(ADR)in Australia.The open banking landscape is more nascent in Australia,but were leading open banking conversations there with regulators,banks and fintechs.TrueLayers coverage in the UK and Europe is 100%API-based,meaning we dont use screen scraping.At TrueLayer,we invest a huge amount of time
40、 and resources in testing bank APIs,debugging and sharing our findings with banks to help them fix issues and improve their API quality,while minimising the impact for our clients.11A BUYERS GUIDEOpen banking paymentsFeatures and functionalityWhat open banking features are available and which do you
41、 need?An open banking payment,at its core,allows a customer to pay for something online straight from their bank account.That could be buying a product from an online store,or topping their account up with funds on a wealth management app,pension app or iGaming platform.This is one of the core aims
42、PSD2 was designed to deliver on a secure and instant way to make payments online without a physical plastic card.Thats the minimum.As open banking evolves,there will be more functionality available throughout the lifecycle of a payment.From the moment a website visitor decides to become a paying cus
43、tomer,along with any verification needed,to the point where they request a payout,withdrawal or even a refund,these features can improve the overall buying experience.When choosing your provider,think about the following features and how important they are to your new payment experience.for each of
44、the below,ask your provider:Do you offer feature functionality as part of your open banking payments product?In which countries is it available?Account verificationIn industries like iGaming and financial services its important to confirm your customers identity and the ownership of their bank accou
45、nt.Account verification via open banking connects your business to your customers bank account to fetch financial information via secure APIs.This validates that your customer owns the bank account in question,without the need for manual bank statement uploads or micro deposits,vastly reducing the c
46、hances of fraud or the risk of a customer making a payment to an incorrect account.12A BUYERS GUIDEOpen banking paymentsFEATURES AND FUNCTIONALITYRefundsRefunds have been considered the Achilles heel of open banking,as the in-built solution,known as reverse payments,has a poor customer experience.Re
47、verse payments introduce unnecessary friction into the user flow and need to be approved by someone in your business.To meet customer demands,some providers,including TrueLayer,have built on top of basic open banking infrastructure to make automated,instant refunds possible all within a closed-loop
48、system.In fact,81%of shoppers expect a refund from an online purchase in a week or less.Payouts and withdrawalsWhether its to withdraw their funds from an investment app or iGaming provider,or even to process the sale of their car,the ability to pay your customers instantly is another way to improve
49、 the end-to-end payment experience.Instant bank payouts and withdrawals also build trust.Almost half of current investors(46%)said they were likely to switch providers for instant withdrawals,while 37%would also consider depositing more money if they could withdraw instantly.Not all open banking pro
50、viders process payouts,so be sure to ask.SweepingKnown as me-to-me payments,sweeping in the UK enables the repeat transfer of money between two accounts belonging to the same person.If your business involves helping people budget,save or invest,the ability to easily transfer money between accounts t
51、hey own on a recurring basis is highly beneficial.As UK banks are required to build variable recurring payment(VRP)APIs,sweeping is quickly becoming a feature your provider could offer.Please note:this functionality is not yet mandated by regulators outside the UK.Recurring paymentsWhile VRP has onl
52、y been mandated for sweeping in the UK,several UK banks are choosing to go beyond what is mandatory and build APIs that will enable more kinds of recurring payments.If your business would benefit from offering 13A BUYERS GUIDEOpen banking paymentsFEATURES AND FUNCTIONALITYsubscription payments,recur
53、ring invoices,instalments or payments that are typically handled by card-on-file,open banking VRPs could become a powerful alternative to continuous payment authorities(CPAs)and direct debit.Payment statusesKnowing whether a payment has completed or failed or sent in the case of a refund or withdraw
54、al lets you quickly identify customers having payment issues.Combining this with specific error codes for why a payment has failed makes rectifying payments problems much quicker and easier.Statuses are also helpful to update the end user,removing any ambiguity about whether they have successfully m
55、ade a payment.Information and insightsHaving a more complete view of your customers financial data think balances,transaction history and credit limits can improve your product offering.Account information services(AIS)can enable powerful functionality like affordability checks,VIP customer segmenta
56、tion and savings&investment insights.Plus:a clear plan for emerging use cases and technologyWhile open banking is becoming a widely-used payment method across Europe,with an estimated 28 million users(more than 6 million of those are in the UK alone),the technology and regulation is changing and evo
57、lving all the time.Your open banking provider should be building and testing solutions for these new use cases,especially where an emerging use case could benefit your business.ask your providerWhat emerging open banking technologies should my business be considering?14A BUYERS GUIDEOpen banking pay
58、mentsFEATURES AND FUNCTIONALITYHow many APIs do you need to integrate with?If your brand needs a selection of features,you may need to integrate with several APIs.For example,if there is a separate API for each product and each market,it can quickly multiply the time and resources needed,possibly de
59、railing or prolonging the integration process.ask your providerFor my use case,in the markets I need,how many API integrations will I need to build?What products and features does TrueLayer offer?TrueLayer offers solutions for the entire end-to-end payment experience,including payments,refunds,payou
60、ts,withdrawals,VRPs in the UK,and merchant accounts from a single Payments API.Account information and verification are also available via additional APIs.We carried out the first ever live VRP transaction with NatWest in the UK and are in regular communication with regulators to help ensure VRPs ar
61、e as powerful as possible.“We know from our customers feedback that having instant access to their funds is a key motivator to use our brands.Customers can deposit money instantly so why not be able to withdraw instantly too Those who have access to faster withdrawals are loyal,highly engaged custom
62、ers who deposit more regularly.”Natalie Dunne Director of Payments,Paddy Power Betfair15A BUYERS GUIDEOpen banking paymentsIntegration optionsWhat integration options are available and which should you choose?Building your open banking payment experience is not simply about finding a provider that o
63、ffers the right coverage for the right products and features.Its also about finding one that can work with your available development time and expertise,as well as working with your existing tech stack.The integration process by which we mean the process of turning your proposed payment experience i
64、nto a working system that your customers can use should be quick,match what was promised during the sales process and result in a high-converting payment option that your customers actively choose.Ways to integrate your new payment experienceThere are several ways to connect your new open banking pr
65、ovider to your business.The most common way is with an API.This could be a direct integration or via a partner like a payment service provider(PSP)that already powers your existing payment methods.The API could be delivered via a software developer kit(SDK)or hosted payment pages(HPP)depending on wh
66、at you want your payment experience to look like and how much developer resource you have available.The route to integration can seem daunting,but a good provider is there to guide you through this decision-making process and give you advice on what type of integration will help you deliver your int
67、ended use case on time.For example,direct API integrations allow customers to have a fully customisable payments flow,but it requires more time and technical expertise to set up.On the other hand,integration tools such as HPPs,SDKs and client libraries are slightly less customisable,but all make the
68、 integration process much smoother and easier for developers.16A BUYERS GUIDEOpen banking paymentsSelf-serve style options do exist where you are essentially given access to raw open banking data but for most businesses,the lack of guidance creates ambiguity and obstacles.ask your providerWhats the
69、best way to integrate your solution,taking into account my available developer resources?How long should the integration process take?Any integration process involves actions from both your provider and your business,so a delay from your side be it lack of developer resource,other priorities,etc wil
70、l add to the time it takes.But a good direct integration,where both sides are able to focus on the process and have agreed on the deliverables,should take around six weeks from kick off to go live.On top of that,using SDKs and HPPs could save an additional one or two weeks of integration time.Consid
71、er the pain points that have led you to choosing an open banking payment provider.If you think the results of adding a new payment method will result in significant savings or will improve conversion,then finding a provider who can help you integrate swiftly should be a top priority.ask your provide
72、rHow long does a typical integration for my use case take from start to finish?17A BUYERS GUIDEOpen banking paymentsINTEGRATION OPTIONS Clear stakeholders and deliverablesA provider will often assign an integration specialist to help build your integration.They may be called Integration Support,Inte
73、gration Sales or Solutions Engineering,but their job will be to guide you through the process,as well as build and execute an integration timeline.A good integration project will include a full list of stakeholders,deliverables and milestones.This process will typically begin during the sales proces
74、s,so theres no delay in launching your open banking experience if you commit to that provider.You should be left with no questions over which tasks should be done by which party,and in what order they need to be completed.ask your providerCan you supply a template or example of a typical integration
75、 process?Advice and best practiceAs well as being a conduit for your needs and requirements,best-in-class integration support will give expert advice on how to make your new payment experience as effective and efficient as possible(see Payer experience).An established provider will have carried out
76、hundreds of integrations,learning what works well and what doesnt for different use cases,industries and business models.One common objective for any new payment experience is to maximise conversion rates,meaning the percentage of customers who complete a payment journey once started.Your integratio
77、n team should be able to advise you on how to build a payment flow that increases conversion.18A BUYERS GUIDEOpen banking paymentsINTEGRATION OPTIONSask your providerWhat UX/UI recommendations would you make for a use case like mine?How does TrueLayer compare?TrueLayer will assign an integration exp
78、ert to your business,and you will typically have two-to-three meetings with them during the sales process so they can design your ideal integration.They will provide you with best-practice integration advice and support throughout the process,including:Guiding you through which type of integration i
79、s right for your use case,taking into account your end-goal,plus the level of technical resources you have available.Mapping out the integration process,from both a users point of view and a back-end technical perspective.Delivering UX guidance to support you in delivering the best payer experience
80、to boost conversion and share of checkout rates(see Payer experience).Creating and running check-ins with you throughout the integration phase to drive the integration forward on schedule,and help with any technical issues.Working with your customer success manager and other post-integration stakeho
81、lders to create and prioritise feature requests.This will ensure the growth of your payment experiences capabilities and potential(see Ongoing support).19A BUYERS GUIDEOpen banking paymentsPayer experienceWhy is payer experience so important?Payer experience(also known as customer experience or user
82、 experience)is the quality of the customers experience when using an open banking payment.A poor payer experience can lead to your customer not choosing or abandoning the payment.For customers to choose open banking payments over other available payment methods,your provider needs to take into accou
83、nt four key factors that affect your customers perception of an open banking payment:1.Convenience:will this take long?2.Clarity:what exactly do I need to do?Is it going to be difficult?3.Familiarity:have I done this before?Do I recognise it?4.Security:is this safe?Do I trust it?Understanding open b
84、anking payments adoptionConvenienceHow long will this take?ClarityWhat exactly do I need to do?Is it going to be difcult?FamiliarityHave I done this before?Do I recognise it?SecurityIs this safe?Do I trust it?20A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCEThey then need to navigate the open ba
85、nking payment flow successfully.A completion of a started payment flow constitutes a conversion.Good UX practices can also increase the likelihood of a user completing the payment.Best practices for this include:Avoid ambiguity Be transparent Use common patterns and shortcuts Simplify complexitiesIt
86、s important to note that part of every open banking payment journey the authorisation step is dictated by the banks,rather than the provider you choose,and that standards set by governing bodies across Europe can lead to inconsistent user journeys.Best practices for increasing open banking payment c
87、onversionAvoid ambiguityBetransparentUse common patterns and shortcutsSimplify complexities21A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCEBut your provider should be able to advise you on how to build a high-performing payment journey,taking into account the nuances of different banks and diff
88、erent market standards across Europe,as well as the needs of your business.Your chosen provider should be able to help you with:Tried-and-tested bank selection and consent screensThe two parts of the open banking payment flow that your provider will follow control are the bank selection and consent
89、screens.Bank selection screen:the user chooses from a list of available banks(at which point they are redirected to that bank to authorise the payment).Consent screen:the user is informed of the information required of them to complete the payment process,and they give their consent.Who controls eac
90、h stage of an open banking payment flow?MerchantMerchantOpen banking providerBankNote:This is an example of a TrueLayer redirect payment flow in the UK.Payment flows will vary between providers,countries,banks and types of flow.22A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCEYour provider shoul
91、d have tested and optimised screens for both of these parts of the payment flow,which meet regulatory requirements,and they should give you recommendations for your business and use case.ask your providerHow do you ensure bank selection screens and consent screens are compliant and optimised for con
92、version?Expert advice on authentication flows across EuropeAs we mentioned in Coverage,payment flows will differ across Europe,as banks apply different standards for UX during the authentication part of the flow.While your open banking payment provider cant control these parts of the journey,they ca
93、n advise you on what markets and banks have particular UX quirks,such as if a specific bank requires IBANs or specific error messages to be aware of.They should also advise on how to build your flows to account for these differences.ask your providerWhat is your relationship with the banks youre con
94、nected to?How often do you feed back to them?23A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCEHigh performing end-to-end payment or deposit flowsThe parts of the payment flow controlled by your provider,the parts controlled by the bank and the parts controlled by your business(eg payment selecti
95、on screens and success screens),combine to make the end-to-end payment or deposit flow.While distinct,they naturally all work together to drive a user to complete a payment.Your provider should be able to advise on how to build a full flow that works effectively,removing ambiguity and complexity tha
96、t would increase the chance of a payer dropping out of the flow.ask your providerWhat is a typical conversion rate for use cases like mine?Open banking payment flow example24A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCEBest practices for driving open banking adoptionAdding open banking payment
97、s to your payment page isnt simply about what happens when a payer has chosen open banking.Its equally important to ensure your customers understand what it is and what it offers them compared to other available payment methods.A provider should be able to advise you on the language to use(ie what t
98、o call your payment method)and how to structure the hierarchy of your payment options to increase the share of checkout(the percentage of all a business payments transacted through open banking).This is particularly important if further open banking adoption drives down your costs and operational in
99、efficiencies.ask your providerHow can I maximise adoption of my new payment method?8.0 How to drive open banking adoption by increasing clarityInstant bank transferBank transferCard/debit cardContinueNewBank transferCard/debit cardInstant bank transferInstant depositRecommendedHave a preselected opt
100、ionUse a concise and relevant CTAUse a“recommended”labelDont deselect all optionsDont use an ambiguous CTADont use a label like“new”25A BUYERS GUIDEOpen banking paymentsPAYER EXPERIENCETake up of TrueLayer has been very positive.We now see around 25%of eligible payments going through bank transfer v
101、ia TrueLayer.Sitong Wei Product Manager,Cazoo How does TrueLayer handle the payer experience?TrueLayer offers both direct API integrations that allow for customised payment flows as well as hosted payment pages(HPPs)and mobile software developer kits(SDKs)with some customisable elements and develope
102、r libraries.Plus,our new QR code authentication feature lets you authorise desktop payments faster by handing off the payment session to the customers mobile banking app via a QR code.Our Integration Support team will work with you during the sales and integration process to guide you through the be
103、st payment flow for your use case while taking into account available development time.Through extensive testing,research and experience of previous integrations,our UX experts have built payment flows that are fully optimised for conversion,with continuous testing always ongoing to find further opt
104、imisations.26A BUYERS GUIDEOpen banking paymentsStability and securityWhy is stability and security important in open banking payments?Open banking in Europe came into force in 2018,and while the technology powering open banking payments has advanced significantly in that time,it is constantly being
105、 iterated upon and improved.And if you want to offer open banking payments to your customers,its vital to find a provider with stable APIs(ie APIs that virtually always work)and good security,so neither you nor your customers are at risk from cyber criminals.They should be continually testing,debugg
106、ing and maintaining both their own products and the bank APIs they connect to so you know your new payment method will continue to offer a good payer experience over time.When assessing stability,look out for the following:A detailed API status pageYour potential payment provider should have a publi
107、cly available status page,which will detail the uptime of each API.Some providers will show uptime in hourly increments,while others will show daily increments.You should also be able to look at historic status updates to get a sense of how consistent the providers APIs are,as well as how long any d
108、owntime typically lasts.ask your providerDo you have a public status page?27A BUYERS GUIDEOpen banking paymentsSTABILITY AND SECURITY 9.0 An example of a detailed open banking API status page14 Jun-16:0014 Jun-17:0014 Jun-18:0014 Jun-19:0014 Jun-20:0014 Jun-21:0014 Jun-22:0014 Jun-23:0015 Jun-00:001
109、5 Jun-01:0015 Jun-02:0015 Jun-03:0015 Jun-04:0015 Jun-05:0015 Jun-06:0015 Jun-07:0015 Jun-08:0015 Jun-09:0015 Jun-10:0015 Jun-11:0015 Jun-12:0015 Jun-13:0015 Jun-14:0015 Jun-15:00100%AVAILABILITY(%)100%80%60%40%20%0%InsuficcientDataob-monzoob-nationwideob-natwestob-natwest-businessob-rbsob-rbs-busin
110、essob-revolutob-santanderob-tescoob-tsbob-ulsterob-ulster-businessob-virgin-money-mergedxs2a-deutsche-bankxs2a-redsys-banco-sabadellxs2a-redsys-banco-santander28A BUYERS GUIDEOpen banking paymentsSTABILITY AND SECURITYMinimal downtimeWith even the most stable of APIs,downtime can and does happen.But
111、 your provider should be able to clearly communicate to you what caused a particular period of downtime.For example:Was it scheduled maintenance or an unexpected problem?How long did it take to discover How long did it take to fix?How many end customers were affected?How were end customers notified
112、of any problem?What work has happened to prevent this type of problem in the future?ASK YOUR PROVIDERWhat was your uptime in the previous time period?A clear methodology for testing and monitoring bank APIsWhile your provider can control the reliability of their own service,bank APIs are outside of
113、their direct control.And as discussed in Coverage,they have different levels of reliability.With that said,your provider should have a clear process for testing the different bank APIs it connects to.If a particular set of banks banks in a specific country,for example are critical for the success of
114、 your payment experience,then make sure your provider regularly pushes large volumes of requests through those APIs and has a clear process for delivering feedback to the banks on how they can improve.29A BUYERS GUIDEOpen banking paymentsSTABILITY AND SECURITYask your providerHow do you test the qua
115、lity of bank APIs,and how do you feed back the results of these tests to the banks?A rigorous information security programmeTo keep you and your customers financial data safe and secure,your open banking payment provider should have:A consistent threat modelling programme,mitigating any potential vu
116、lnerabilities A dedicated security team A security programme based on a recognised standard(eg ISO27001)Independent,third-party auditing of its security programme A clear protocol for release management Oversight of any third-party development,with the same level of testing as internal teams An inde
117、pendent,third-party penetration testing programme of its infrastructure While its difficult to pinpoint one single area of devsecops thats most important,the consistency of the answers from your intended provider will give you a sense of how strong their security approach is.ask your providerWhat is
118、 your approach to information security?Talk me through your information security programme?30A BUYERS GUIDEOpen banking paymentsSTABILITY AND SECURITY How does TrueLayer compare?TrueLayer systems operate with over 99.9%uptime,and you can see live status updates for all APIs on our status page.Our co
119、nnections to bank APIs across Europe are constantly being tested with high volumes of requests to spot errors and feed back those issues to the banks.We carry out all our development work in house,and we have a dedicated Information Security team.We are also fully ISO27001 certified.We operate a 24/
120、7 technical on-call rota composed of engineers involved in the development of our systems and the availability of our service.In the event that our monitoring detects a potential issue with one or more of our systems,our on-call engineer will be automatically paged to triage and resolve any potentia
121、l issue.Having this 24/7 coverage ensures the impact of a loss of service is minimal and resolved quickly.31A BUYERS GUIDEOpen banking payments Ongoing supportHow will your provider help you maintain and improve your open banking experience,and what will your provider do when things go wrong?While a
122、 quick and straightforward integration process should be a key factor in your choice of payment provider,the relationship doesnt end once the integration is complete.Its just as important for your business to easily operate and understand any new payment experience,as well as getting useful analysis
123、,so you can further improve and optimise.You should also be able to give feedback to your provider for potential improvements.Combining easy integration,an ongoing relation and a strong feedback loop will create a high-performing payment experience.But things do inevitably go wrong from time to time
124、.Your provider should also have dedicated reactive and proactive support to help solve any issues,averting any potential crises.Customer success managementA customer success manager(CSM)will often be your business main point of contact as you take live your new payment experience.They will also help
125、 you identify and explore new benefits and new opportunities to drive incremental value for your business.A CSM is a key part of what strengthens a relationship with a provider,advocating for your business needs internally and helping you build a roadmap for long-term success with your open banking
126、payment solution.Having a CSM assigned to your account will likely depend on the volume of payments your business processes,so carefully consider how important this service is to your business.ask your providerWill I work with a customer success manager,and how will they support my business?32A BUYE
127、RS GUIDEOpen banking paymentsSTABILITY AND SECURITYClient careClient Operations(also known as Client Care or Customer Support)will be your first point of contact when things go wrong.They can fix some problems quickly to avoid major issues,or triage the problem to the right team.When assessing your
128、potential provider,consider the following points:Technical support:are there dedicated support engineers for technical problems?Available languages:can your provider help your team members across the globe regardless of the language they speak?Opening hours:if theres an emergency,it can happen at an
129、 inconvenient time.When is support available in this type of scenario?And how can you contact support outside of typical Monday-to-Friday working hours?Response times:how quickly will support respond to and resolve any issue?Is their support model tiered,meaning critical and wide-reaching issues are
130、 prioritised?Levels of support:does your provider offer different support packages at different price points?Can you run out of support?ask your providerWhat hours and in what languages is your customer support available?And how quickly do you respond to and resolve critical issues?33A BUYERS GUIDEO
131、pen banking paymentsSTABILITY AND SECURITYInformation helpdeskHaving the option to speak to customer support provides peace of mind.But its also inefficient to call or email support for information for every minor question.A regularly updated helpdesk,which contains answers to commonly asked questio
132、ns,is useful for any team members involved in the day-to-day operation of your payment experience.ask your providerDo you have a self-serve helpdesk for common questions?API reference documentationOften shortened to docs,API reference documentation is the technical library with everything your devel
133、opment team will need to know about your providers API.While having integration support is key,its equally important to have a well-organised set of content so your developers can self-serve and move as quickly as possible.ask your providerWhere can I find your API reference documentation?34A BUYERS
134、 GUIDEOpen banking paymentsSTABILITY AND SECURITY“It couldnt have been easier.TrueLayers customer service is amazing.Any questions were answered practically immediately,and our developers were able to integrate quickly and seamlessly.”Irakli Agladze Head of Open Banking,ANNA Money How does TrueLayer
135、 compare?TrueLayer has dedicated Integration Sales,Customer Success and Client Operations teams to launch,operate and optimise your new payment experience and to help if things go wrong.Help is available 8am8pm GMT,with support available in six languages.We also have clear processes for issues depen
136、ding on what proportion of users they affect.For example,we aim to respond to critical incidents within 30 minutes and provide a resolution within four hours of being contacted by the customer.The TrueLayer helpdesk can be found here.Our API reference documentation can be found here.35A BUYERS GUIDE
137、Open banking paymentsProvider expertiseHow to judge a providers expertise and experienceBy speaking to your shortlisted providers and asking them the questions outlined in this guide,you should be able to find the perfect partner for your business.But theres one key element of the equation still mis
138、sing:does your provider have a track record of delivering on what they promise?Or to put it another way,does your provider have the experience and expertise to deliver the ideal payment experience for your business?While providers will inevitably talk up their expertise,there are a few ways to under
139、stand whether your provider can build the payment experience you need.Reference clients and case studiesCase studies are a great way to get real-world insight into your payment provider,directly from other customers who also use them.The most important case study you can request is one that matches
140、your use case.This proves your provider can build the solution you need.Other aspects,like case studies from similar industries and similar-sized companies,add extra context and reassurance,but offer little value if the use case is different.ask your providerCan you share a case study/testimonial fr
141、om a customer with a similar use case to our business?36A BUYERS GUIDEOpen banking paymentsPROVIDER EXPERTISE Third-party reviews and NPS scoresWhile case studies provide evidence that your provider works with brands similar to your own,all providers will inevitably choose case studies that reflect
142、well on their solution.For an unbiased view from other merchants,look at software comparison sites like G2,and for end-consumer opinions,look at Trustpilot.Net promoter score(NPS)is another measure to look at.Businesses use it to track the likelihood of customers recommending a brand to a friend or
143、colleague.A positive NPS score is a sign of a generally satisfied customer base,while 50+is considered excellent.ask your providerDo you track NPS or collect reviews on third-party site?If so,what is your current rating?Active participation in the open banking ecosystemYour providers ability to meet
144、 your current requirements is crucial,but its also worth considering what future opportunities and threats your business could face.With the open banking landscape evolving all the time,is your provider an active participant in shaping the landscape?Look out for evidence of your payment provider par
145、ticipating in working groups,and engaging in active dialogue with regulators and governments.ask your providerWhat working groups do you participate in and what results have you seen from your involvement?37A BUYERS GUIDEOpen banking paymentsPROVIDER EXPERTISEFinancial stability Business continuity
146、is a big factor when taking on a new supplier.Can you be sure that your provider has sufficient funding and/or cash reserves to operate for years to come?Have they taken on VC funding,are they bootstrapped,or are they funded by debt financing?Your provider should be transparent about its investors,l
147、ong-term plans and its financial outlook.ask your providerHow is your business funded?How will you ensure business continuity in the face of macroeconomic events?How does TrueLayer compare?TrueLayer is backed by leading investors,including Stripe,Tiger Global,Tencent,Addition,Temasek and more.To dat
148、e,we have raised$270 million in funding to allow us to take open banking payments mainstream.You can read case studies from our customers across several industries.Companies weve worked with include:Cazoo Revolut Smarkets FreetTrade Nutmeg Credit Ladder38A BUYERS GUIDEOpen banking payments TrueLayer
149、 has an active policy team that regularly lobbies regulators for open banking improvements that benefit both businesses and consumers.Were involved in several working groups including the Payment Systems Regulator Digital Payments working group and EU API scheme working group(SPAA MSG).“We see TrueL
150、ayer as a world leader in the open banking space.Like us,they have an aggressive roadmap that touches many different aspects of open banking.This,coupled with an incredibly smart team,made TrueLayer a great match for us.”Joshua Fernandes former Open Banking Product Owner,Revolut39A BUYERS GUIDEOpen
151、banking paymentsYour open banking payment provider checklist Now that youre armed with the knowledge to make your decision on an open banking payment provider,its time to evaluate your potential providers.Below is a handy checklist to ensure you have all the information you need to make an informed
152、decision on your open banking payment experience.You know what markets your provider covers and the percent of the banked population in each of those markets.If business accounts are important,you also know what markets your provider covers and the percent of the banked population in each of those m
153、arkets,specifically for business accounts.You know whether your provider uses APIs or screen scraping.If they use screen scraping,you also know their plans for expanding API usage.You know how much and how often your provider tests their APIs,and how they feed this information back to the banks.You
154、know the products and features your provider offers,which are important to your use case.You also know where these products are available,and if they are in general availability or early access.Instant pay-ins Account verificationCOVERAGEFEATURES AND FUNCTIONALITY40A BUYERS GUIDEOpen banking payment
155、sYOUR OPEN BANKING PAYMENT PROVIDER CHECKLISTRefunds Payouts and/or withdrawals Sweeping Recurring payments Payment statuses Information and insights Other key features You know which new technologies and features are on your providers roadmap,and when they will likely be available.You know how many
156、 APIs you will need to integrate with for your use case in all your chosen markets.Your provider has advised you on the different integration options,and recommended the best route for your requirements.Your provider has advised you on the expected timeline of your integration.Your provider has prov
157、ided you with a full breakdown of your integration process,with clear stakeholders and deliverables.FEATURES AND FUNCTIONALITYINTEGRATION OPTIONS41A BUYERS GUIDEOpen banking paymentsYOUR OPEN BANKING PAYMENT PROVIDER CHECKLIST Your provider has optimised bank selection and consent screens to include
158、 in your payment flow.Your provider has explained on different bank authentication flows,and talked you through their process of directly advising banks on ways to improve UX.Your provider has recommended ways to improve the end-to-end payment flow to increase conversions.Your provider has a testing
159、 programme for continuous UX improvements.Your provider has advised you on how to increase open banking payment adoption on the checkout or payment page.You have access to a detailed and regularly updated status page.You know the providers uptime in the last six months.Your provider has given adequa
160、te explanations for any recent downtime or lack of service.Your provider has explained their information security programme and shared relevant certifications.You know if and when you will be assigned to a customer success manager.You know when and in what languages general and technical support is
161、available.PAYER EXPERIENCESTABILITY AND SECURITYONGOING SUPPORT42A BUYERS GUIDEOpen banking paymentsYOUR OPEN BANKING PAYMENT PROVIDER CHECKLISTYou know how long it will take to respond to and resolve critical issues.You have access to a self-serve helpdesk and API reference documentation.You have s
162、een case studies or testimonials from businesses with a similar use case to your own.You have seen customer ratings from G2,TrustPilot or similar.You know how the provider is funded.PROVIDER EXPERTISE43A BUYERS GUIDEOpen banking paymentsBuild better payment experiences with TrueLayer Accept and send
163、 instant bank payments in any app or website.Cut costs,fight fraud and get money moving fast.The complete payments solution Instant pay-ins:let customers top up their accounts,purchase products and send money.In seconds Instant withdrawals&refunds:automate sending instant refunds and withdrawals to
164、your customers Variable recurring payments:collect recurring,ad-hoc and variable payments securelyReady to get started?Talk to one of our open banking experts or book a demo at BUYERS GUIDEOpen banking paymentsDisclaimerStatistics,research and recommendations are provided“as is”and are intended for
165、informational purposes only and should not be relied upon for operational,marketing,legal,technical,tax,financial or other advice.TrueLayer does not make any warranty or representation as to the completeness or accuracy of the information within this document,nor assume any liability or responsibili
166、ty that results from reliance on such information.The information contained herein is not intended as legal advice,and readers are encouraged to seek the advice of a competent legal professional where such advice is required.All brand names,logos and/or trademarks are the property of their respective owners,are used for identification purposes only,and do not necessarily imply product endorsement or affiliation with TrueLayer.