The Next Big Thing: Open Banking with ACH Gives Merchants More Control of Payments

ACH payments have the potential to compete with cards when you modernize them with Open Banking technology. That modernization turns an ACH payment into an Open Banking Payment (pay by bank). When that happens, merchants no longer have to accept the payment and hope that it clears. Open Banking enables merchants to confidently accept ACH payments based on detailed customer bank information that includes regular deposits, balances and more. Plus, identification verification is built right into the Open Banking payment by leveraging the FI’s strong authentication process as part of the payment. This powerhouse technology also brings the opportunity for merchants to offer in-person ACH and other progressive use cases that will be explored in this session.