Apr 30, 2020
The New Age of APIs are Connecting Corporates Directly to Payment Rails
In the past, corporations traditionally relied solely on their banking connections and providers to access a wide range of payment rails and networks all around the globe. However, the dawn of the age of APIs has innovated this former strategy into companies being able to directly connect their businesses to payment rails, providing great potential for more benefits and less expenses.
By managing all of the data and login interfaces with multiple banking partnerships, firms such as OpenPayd are given the ability to loop clients directly into payment rails such as the SEPA payments scheme the said company recently announced. It is without a doubt that a unified platform with direct access to payment networks is the key to the future of the payment economy as it lets businesses worldwide initiate and handle major transactions either domestically or even across whatever borders, all in one single portal use. Imagine that.
Irregardless of which payment network is used, this type of method explores the opportunity for corporations, big and small, to reduce overall reliance on banks to access the payment networks they’re always in dire need of using in everyday transactions. So much so that one can even throw in blockchain technology into the equation leading to legacy rails but that’s a story for another time.
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