In less than a year the new Payment Services Directive (PSD2) and other regulatory measures to encourage competition in retail payments will come into force in Europe and the UK, marking the start of an ‘open era of financial services’. With open banking platforms, open APIs, data available to third parties – better, cheaper and easier financial services for everyone come one step closer.
While merchant and consumer payments have to some degree demonstrated their openness to this new wave, B2B payments have been largely overlooked. To address this, the Open Payments Ecosystem initiative was launched in 2015 by Ixaris and other partners and with funding from the EU Horizon 2020 programme. The initiative seeks to do for B2B payments what open banking platforms can do for merchant payments. And more…
Open Payments Cloud ≠ Open APIs
Enter the Open Payments Cloud (OPC) – a unique cloud-based framework developed by Ixaris that is available to every party involved in the commercial payment transaction chain – an area lagging merchant payments in transaction automation by several years.
Importantly, the OPC is not yet another API (Application Programming Interface). Instead, it incorporates a ‘toolkit’ of diverse payment APIs and sandboxes into a single platform and enables the creation and publication of new APIs and sandboxes, facilitating coherent and consistent payment transactions across many different B2B payment instruments and payment APIs.
What’s the difference between OPC and publicly accessible APIs and open payment platforms?
- Compliance guaranteed: OPC offers a comprehensive set of tools to make it easy to develop, deploy and run payment applications that are scalable and secure, with PCI-DSS and PA-DSS compliance built in.
- Virtual and private: OPC supports the concept of a ‘virtual private payments cloud’ enabling third parties to set up their own private payment as a service (PaaS) or banking as a platform (BaaP) complete with a private community of users, service providers, developers and applications.
- Model-driven: It supports a model-driven engineering approach to developing payment solutions, making it possible to automate the generation of application code, creation of operational processes and user interfaces and compliance monitoring.
- Truly open: Any existing payments API can be freely added to it.
- And, it’s free: OPC is offered as freemium software as a service (SaaS) whereby access to development tools and APIs is always free with free running of applications up to 10,000 transactions per month
We hope you’ll join us to find out more about the opportunity and get ready to ride the wave of disruption in B2B payments.
Want to find out more about the Open Payments Cloud? Visit www.openpayments.cloud