Open Banking Integration: Advisory & Partner Access for SEPA and UK Faster Payments
Open banking has created new opportunities for businesses to offer direct bank transfers, but accessing these solutions requires the right partners and expert guidance.
Understanding Open Banking Access
Open banking enables businesses to offer direct bank-to-bank transfers through regulated providers. However, businesses typically cannot access these services directly—they need to work through licensed EMI (Electronic Money Institution) and Open Banking partners.
The Partner Model
Most businesses access open banking through:
Licensed EMIs: Institutions that can provide SEPA and Faster Payments accessOpen Banking Aggregators: Platforms that connect to multiple banks via APIsPayment Service Providers: Companies that offer open banking as part of their payment suiteSEPA and UK Faster Payments
SEPA (Single Euro Payments Area)
SEPA enables businesses to accept euro-denominated bank transfers across 36 European countries. Key benefits include:
Lower transaction costs compared to card processingFaster settlement (typically same-day or next-day)High approval ratesDirect bank-to-bank transfersUK Faster Payments
UK Faster Payments enables near-instant bank transfers within the UK. Benefits include:
Real-time or near-instant settlementLower fees than card processingHigh success ratesDirect integration with UK banksAdvisory & Integration Support
Implementing open banking solutions requires:
Regulatory Understanding
PSD2 compliance requirementsGDPR and data protection obligationsLocal regulatory variationsLicensing considerationsTechnical Integration
API integration with banking partnersCustomer consent flow designWebhook implementation for status updatesError handling and retry logicUser Experience Design
Intuitive consent flowsClear payment instructionsStatus communicationError messagingPartner Selection
Choosing the right open banking partner involves evaluating:
Regulatory status and licensingGeographic coverageSupported payment schemesIntegration complexityPricing and fee structureService levels and supportThe ShrinePay Approach
At ShrinePay, we provide:
Advisory Support: Guidance on regulatory requirements and implementation strategiesPartner Introductions: Access to our network of regulated EMI and Open Banking partnersIntegration Support: Technical assistance with API integration and testingCompliance Guidance: Help navigating PSD2, GDPR, and local regulationsWe don't provide direct open banking services, but we help businesses access these solutions through the right partners and implement them successfully.
Implementation Considerations
Compliance Requirements
PSD2 compliance for European operationsGDPR compliance for data handlingLocal regulatory requirementsCustomer consent managementTechnical Requirements
Secure API integrationWebhook infrastructureReconciliation systemsMonitoring and alertingOperational Considerations
Customer support processesDispute handlingSettlement reconciliationRisk managementBest Practices
Start with a single region or payment schemeChoose partners with strong regulatory standingInvest in proper integration and testingPlan for compliance from the beginningMonitor and optimize continuouslyGetting Started
If you're considering open banking integration, engaging with advisors early can help you:
Understand regulatory requirementsIdentify suitable partnersPlan your integration approachAvoid common pitfallsContact ShrinePay to discuss how we can help you access SEPA and UK Faster Payments through our network of regulated partners.