Open Banking Payments
We Tranxact
democratising Open Banking access
What are open banking payments?
Open banking payments let customers pay you directly from their bank account, with funds moving account-to-account rather than through cards. From our base in Birmingham, We Tranxact Ltd connects UK and European businesses to trusted open banking payment partners, delivering instant settlement, low fees and secure bank-grade rails.
Open Banking Payments with We Tranxact
With our open banking competencies, We Tranxact helps connect financial service providers and banks so that data and payments can move securely between them. As a UK-based open banking payments consultancy, we help businesses access account-to-account payment initiation and financial data services through trusted partners.
Our open banking business accounts and payment solutions bring different providers under one roof, supporting new fintech entrants as well as established financial operators. Open banking benefits merchants and service providers by reducing friction, blending shared capability and creating better value for end customers.
We focus on customer-centric open banking payment initiation services that help you get funds into your bank account as quickly as possible while keeping operational hassle low.
Overview
With We Tranxact, you gain access to multi-channel payment and data solutions built on open banking rails, designed for merchants and financial services across the UK and Europe.
Highlights
We Tranxact blends customer-centric strategy with accelerated innovation cycles to help you adopt and scale open banking models. We focus on practical use-cases that improve settlements, reduce fees and unlock better data.
Industry & Market
We serve fintech and wealthtech firms, financial services businesses, accountants, ecommerce brands and retailers who want faster payments and better access to financial data.
Payments and Data: The Current Problems
Payments – the problem
Expensive card transaction fees and high levels of fraud are a costly burden for merchants and financial services providers.
Data – the problem
Accessing aggregated financial data and insights is complex, fragmented and resource-intensive, slowing down decision making and client service.
We Tranxact Open Banking Solutions
We Tranxact Payments
Our open banking payment solutions are designed to move as much money as possible into your bank account with the least hassle, using account-to-account rails instead of cards.
We Tranxact Data
We help you gain access to your own and your clients’ financial data quickly and securely, through regulated open banking data partners and APIs.
Key Benefits of Open Banking Payments
Lower Payment Fees
Account-to-account payments through our open banking partners cost a negligible amount per transaction compared with cards. This helps free up capital and makes large payments more affordable.
Instant Settlement
Receive funds in seconds, not days. Faster settlement improves liquidity and cash flow for your business.
Tactical Consultancy
Our consultancy and brokerage services help you prepare for regulatory updates, scheme changes and customer expectations around open banking payments and data.
Bank-Level Security
Transactions are initiated by regulated banking partners. Each payment uses a unique token that expires once the transaction is complete, and all payments are confirmed with strong customer authentication.
No Personal Data Stored
Personal details are not passed to We Tranxact or the merchant when a payment is made. The payment deep link typically contains the amount and reference only, with additional fields added on request.
Solutions for Fintech and Financial Services
Brokerage
We reshape financial services ecosystems by brokering open banking payment and data partners that fit your business model and risk appetite.
Customer Experience
We help design strategies and roadmaps that use open banking to deliver smoother onboarding, better payment journeys and richer data-driven experiences.
Consultancy
Our consultancy covers risk mitigation, regulatory compliance and strategic analysis for financial services firms adopting open banking at scale.
Solutions for Ecommerce, Retailers and Tech SMEs
Ecommerce Payments
Offer account-to-account payments at checkout using “Pay by Instant Bank Transfer” via plug-ins or SDKs on your ecommerce store or website.
Invoice Payments
Generate payment QR codes to place on invoices. Customers can scan the code and pay directly from their bank account, with tracking available in the merchant portal.
In-Store & In-Person Payments
Receive account-to-account payments in-store using the We Tranxact merchant app and connected open banking partners.
Open Banking Payment Features in the UK
Payouts
Allow users to withdraw money from your financial product to their bank account in a few clicks using account-to-account payouts.
Recurring Payments
Collect regular payments with open banking standing orders and receive notifications when customers cancel or update their mandates.
Bulk Payments
Access reliable and scalable bulk payments through our open banking payment partner for payroll, refunds and supplier settlements.
Unleash the Potential of Open Banking Payments
01. Truly Affordable Payments
Pricing is matched to your needs. With We Tranxact, you only pay for the open banking services you actually use.
02. Instant Settlement
Payments are near-instant. Funds are deposited into your account as soon as customers authorise the transfer.
03. Bank-Level Security
Move money securely from account to account with no cards, no paper forms and no manual keying – just secure open banking flows.
04. Super Easy Implementation
Through our trusted payment partners we unlock multi-channel payment and data solutions built on open banking, with clear documentation and support.
Open Banking Payments: FAQs
What are open banking payments?
Open banking payments move money directly between bank accounts using secure APIs instead of card networks. They provide lower fees and faster settlement for UK and European merchants.
How do open banking payments reduce costs?
They bypass card schemes and interchange fees, so transaction costs are usually much lower than card payments, especially for higher-value transactions.
Are open banking payments secure?
Yes. Payments are initiated by regulated banks, use strong customer authentication and rely on encrypted APIs rather than storing card data.
Who are open banking payments suitable for?
They suit fintechs, financial services, ecommerce brands, retailers and any business that wants faster A2A payments and better cash flow.
Can open banking work alongside my existing card payments?
Yes. Most merchants offer open banking as an extra payment option at checkout or for invoices alongside cards and digital wallets.