Most people will be familiar with online banking. Most people know their way around a mobile banking app. Even more people would have used their credit or debit cards to purchase something online.
But not everyone would have heard of Instant Banking. Touted as a quick, secure and simple solution to processing payments on the Internet, Instant Banking is an Internet payment method based on online banking.
Instant Banking for consumers
The method widely adopted in Sweden, Finland, Poland and Estonia, which is starting to make inroads into the world market, allows users to pay directly with their Internet bank, with no need to register or download any software.
Customers can transfer money to their instant banking account and have those transactions reflect almost immediately in their bank accounts. They can then purchase online with their instant bank account, which has no account number so no data to steal.
As well as operating through secure data transfer protocols like encryption, Instant Banking also saves customers from the inherent security risks of online credit card usage. Users can transact freely and securely without exposing their bank account or privacy to misuse or harm.
Instant Banking for merchants
For merchants, Instant Banking means not having to integrate every bank separately nor sign an agreement with them. The merchant only needs to integrate and sign an agreement with the Instant Banking service to get access to all their supporting banks and consumers.
They still enjoy the same level of secure data transfer however, as Instant Banking uses the same encryption as banks. What’s more, Instant Banking saves the merchant from having to comply with PCI because it takes away the responsibility of handling any cardholder data.
The service is adapted for all devices, including mobiles and tablets, so can be used across all of merchant’s online assets. It is also the only online banking e-payments solution where the merchant website can be shown throughout the payment process.
Secure online payments
A very popular payment method for people that use online casino services, its ease of use, convenience and increased level of security for both consumer and merchant is set to make Instant Banking very popular across the board.
The payment method has a very strong offering in terms of security with secure data transfer for payment communications and practical benefits such as saving customers from submitting their credit card details to various websites around the world and saving merchants from handling cardholder data.
All combine to make it very appealing, particularly at a time where financial and retail data breaches by hackers and identity thieves are on the rise. Not to mention mobile banking apps being specifically targeted by hackers, as revealed in a recent report.
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