Open Banking · Available
Open Banking (UK)
Open Banking in the United Kingdom lets a payer pay straight from their bank account through the bank's regulated API: they pick their bank, approve the payment in the banking app, and the money arrives by Faster Payments within seconds. There are no card numbers, no chargebacks and a flat fee per payment.
Key facts
- Countries
- United Kingdom
- Currencies
- GBP
- Operations
- Pay-in · Payout · Refund
- Settlement
- instant
- Chargebacks
- not possible
- share of e-commerce payments · United Kingdom
- 12 % (Open Banking Limited, impact report, 2025)
How a payment goes through
- 1The payer picks their bank on the checkout
- 2They approve the exact amount in the bank's app
- 3The licensed provider initiates the transfer over the instant rail
- 4Settlement in seconds; webhook to the merchant; no chargebacks
How a payment goes through
- The checkout shows “Pay by bank” with the payer’s banks in their language.
- The payer picks a bank and is sent to its app or site to approve the exact amount and payee.
- The bank sends the transfer over Faster Payments; the provider reports the status.
- Tranzify writes the result to the payment’s journal and calls the merchant’s webhook.
Open Banking against cards
| Open Banking (UK) | Cards | |
|---|---|---|
| Settlement | seconds | T+1 and later |
| Chargebacks | none | scheme rules |
| Fee | flat per payment | percentage plus interchange |
| Payer data to store | none | PAN in a PCI vault |
| Needs a UK company | no, the provider is the licensed party | depends on the acquirer |
Who uses it first
iGaming, forex and crypto on/off-ramps, where declines and chargebacks cost the most, then marketplaces and subscriptions that want instant settlement without card fees.
How to connect
- 1Onboard with Tranzify and get your network, keys and back office.
- 2Enter your account with the provider in the terminal settings — Tranzify already speaks its API.
- 3Add routing rules: countries, currencies, amounts, BIN ranges, priorities and weights.
- 4Go live. Every payment, callback and retry is in the journal for five years.
Providers offering this method
Industries
Terms
Frequently asked questions
How fast is settlement?+
Funds move over Faster Payments and typically arrive in seconds; the merchant’s callback follows as soon as the bank confirms.
Can a payer dispute an Open Banking payment?+
There is no chargeback scheme: the payer authorises the transfer in their own bank. Refunds are made by the merchant through the same provider.
Which providers does Tranzify route to?+
Licensed UK payment initiation providers from the catalogue — TrueLayer, Yapily, Volt, Token.io — enabled through routing rules; cascading falls back to cards or another provider on a decline.
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See the platform on your own flows
Thirty minutes with an engineer, not a sales deck: your providers, your routing rules, your merchants' checkout.
- ✓ Not a financial institution
- ✓ Money never passes through us
- ✓ Built to PCI DSS requirements