1 min read

Is Open Banking the Future of Affordable, Instant Payment Solutions?

Daniel Williams, Roger Maxwell.

Key Takeaways:
  • Open Banking-based payment service, Atoa, provides an affordable and quick payment solution for businesses.
  • Atoa has a simple fee structure that’s significantly more cost-effective than traditional card processing machines.
  • Funds are transferred immediately to the merchant’s bank account, bypassing the typical 1-2 day waiting period.
  • Atoa mitigates risk with no contract requirement, no hardware fees and robust customer authentication systems.

With open banking gaining increased traction worldwide, providers like London-based start-up Atoa are leading the charge in redefining the payment solutions landscape. Atoa offers a simple and affordable Open Banking-based payment solution for UK businesses, potentially leading the charge towards a financial service revolution. Through the integration of Open Banking technology into their framework, Atoa is proving that instant, low-cost payment processing is a viable and advantageous reality for businesses.

Atoa’s proposition is strikingly elegant. Any customer with a UK mobile banking application can remit payments through the Atoa platform, providing a level of universality and inclusivity that some alternatives simply do not offer. In an era of exponential digital growth, tapping into the ubiquity of smartphones acutely aligns with consumer behaviour and preferences.

What sets Atoa apart from its competitors is its disruptive pricing model. The company charges a nominal flat fee for transactions, which is up to 70% cheaper than traditional card machines. This cost-effective approach makes it a perfect fit for small and medium-sized businesses that deal with a high volume of transactions. Moreover, Atoa also promises immediate transfer of funds into the merchant’s bank account, eliminating the usual 1-2 days wait businesses often endure when using card machines or debit cards.

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Besides its bearing on cost-efficiency and speed, Atoa is also score points for risk reduction and security. Transactions are approved via the bank app under the cloak of Strong Customer Authentication (SCA), providing a bulwark against chargeback fraud. The absence of contracts and hardware fees offers additional seamless usage and flexibility for businesses.

With the trend of digital payments and Open Banking unlikely to recede soon, Atoa is well placed to forge a path in the rapidly evolving FinTech ecosystem. If it continues to leverage the merits of Open Banking while adhering to its customer-centric principles, Atoa’s potential for growth and value creation is immensely promising.

The future of banking appears to be leaning towards platforms such as Atoa. As more businesses awaken to the benefits of Open Banking, affordable, instant payment solutions could soon become the norm across the industry. To learn more about this groundbreaking service, visit Atoa’s website or find them on Facebook, Twitter, and LinkedIn.


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