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June 25, 2024 Open Banking Trends for 2024

CPA Ireland | Accountancy Plus

“The viability of any business hinges on the efficiency of your accounts receivable (AR) function. Customers need to make payments based on invoices received and Open Banking significantly optimises the AR function,” writes Donal McGuinness, CEO of Prommt.

Open Banking is rapidly gaining popularity in the Irish payments landscape, hitting a new level of maturity this year with increased users, services, and regulatory attention. It’s transforming higher-value transactions by eliminating card limits and costly processing fees, while providing a safer, faster, and more efficient alternative to traditional bank transfers, drafts or cheques. In this month’s issue of Accountancy Plus, Donal explores the top 5 Open Banking trends of the year.

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June 11, 2024 Secure Luxury: Open Banking Payments for High-Value Purchases

European Business Magazine

“As online shopping, live selling, and social commerce continue to grow, the luxury shopping experience must evolve to be more immersive, customised, and secure,” writes Donal McGuinness, CEO of Prommt.

Open banking payments are the ideal choice for luxury purchases. Customers experience a seamless, secure payment process directly from their banking app, while merchants enjoy reduced processing and operational fees, as well as strengthened fraud prevention measures.

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June 4, 2024 Live from Money20/20 Europe: Token.io and Prommt enhance Pay by Bank user experiences to maximise conversions

Token.io announces Prommt as first partner to leverage its new hosted payment pages; enhancing user experiences and maximising conversion for Pay by Bank.

Hosted payment pages are secure web pages that provide businesses with plug-and-play checkout or payment capabilities. Payment Service Providers (PSPs), banks and merchants can leverage Token.io’s white label ‘Hosted Pages’ to quickly and easily launch their own custom branded Pay by Bank capabilities while maximising conversions.

“By leveraging Token.io’s Hosted Pages, we can elevate the Pay by Bank experience for our merchants, enabling them to capitalise on the growing potential of open banking-enabled payments,” Stephen Culligan, Chief Product Officer at Prommt commented. “This not only helps businesses lower payment processing costs, improve liquidity and reduce fraud, but also empowers them to deliver exceptional payment experiences for their customers across multiple touchpoints and channels. We’re thrilled to continue our collaboration with Token.io as we drive the widespread adoption of Pay by Bank.”

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May 30, 2024 Cold Cash Loses Value to Digital Dollars as Payments Industry Transforms

E-Commerce Times

In 2023, the global retail sector lost $429 billion USD to payments fraud. Nearly half of all businesses worldwide experienced some form of fraudulent activity, cyberattacks, or data breaches over the past year — an increase of 32% compared to 2022, according to Prommt CEO Donal McGuinness

“This calls for immediate investments in secure payment processes and fraud prevention measures,” McGuinness told the E-Commerce Times. “Preventing fraud, protecting customer data and privacy, and ensuring compliance with regulations are increasingly becoming top priorities for payments technology.”

He explained that it requires implementing data encryption and tokenization, enforcing strict data governance, applying access controls and robust authentication measures, and adhering to global compliance standards.

Read Donal’s contribution to the E-Commerce Times latest article on the transformation of the payments industry.

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May 10, 2024 Paytech’s role in converting abandoned carts into completed purchases

Retail Banker International & Electronic Payments International

70% of shoppers prioritise the availability of their preferred payment method when choosing where to complete a purchase. For Millennials, this preference is even more pronounced, as 80% will abandon an online checkout if their desired payment option is unavailable.

In order to mitigate cart abandonment and meet customer expectations, it’s crucial to remove friction at checkout and offer a variety of payment methods, ensuring easy, seamless, and secure transactions. The checkout should be simple and streamlined – the fewer steps from product discovery to purchase, the better.

Businesses can shift their focus from cart abandonment to payment success, by embracing innovative and secure payment solutions with automation and smart features – like payment reminders, personal shopping with a card on file, and automated chase paths for failed transactions. Donal McGuinness, Prommt CEO, discusses how leveraging payment orchestration tools and data analytics helps businesses gain a competitive edge, be highly responsive to customer needs, and understand customer behaviour to attract and retain them.

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May 10, 2024 How PayTech innovation is creating new value in MOTO

A whitepaper by Edgar Dunn & Company, commissioned by Prommt and Barclaycard

Pay by Link is establishing itself as an alternative in the evolution of digital payments. Smarter and more sophisticated solutions are reducing costs and improving the customer experience, helping to increase sales in the remote payments market.

Fraud and the protection of customer data provide an ever-increasing challenge for the payment industry. Evolving Pay by Link solutions offer significantly improved protection and peace of mind to customers and merchants offering high value goods and services. It not only protects and supports the entire payments value chain, but it provides a high level of customer experience offering significant advantages for merchants to safely drive and increase sales in specialised markets.

Explore the evolving landscape of traditional MOTO payments, the challenges faced by merchants, the advancements in Pay by Link innovation and its benefits in the remote payment sector.

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April 10, 2024 How Open Banking is Driving Car Sales

Tech Informed

Tech has made cars as smart as our tablets and smartphones. Yet the process of buying a car is still clunky and long overdue for a makeover.

Many dealerships still wrestle with cumbersome manual bank transfers, drafts, or cheques. For those accepting cards, high processing fees and transaction limits add to the administrative hassle of splitting payments. As a result, cards are often used for deposits, but not for purchase.

But customer expectations are changing – and the bar is higher. There’s a growing call for fast and frictionless buying experiences, coupled with robust protection against evolving fraud tactics. Enter open banking, a game-changer for high-value payments. Customers can enjoy a quick, secure, and seamless way to pay directly from their bank accounts.

Prommt CEO, Donal McGuinness, discusses 5 ways open banking is revolutionising how we buy cars.

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April 10, 2024 Reduce Fraud and Costs with Open Banking Payments

CPA Ireland | Accountancy Plus

Global losses from online payment fraud in e-commerce hit a staggering $38 billion USD in 2023. Projections indicate that total merchant losses could surpass $362 billion USD by 2028. In a world where technology continues to evolve at a rapid pace, so do the strategies of those looking to benefit from it.

Card payments are here to stay. But when it comes to higher value transactions, open banking payments have set a new standard for security by greatly reducing chargebacks, and cutting costly payment operations and card processing fees.

In the latest edition of CPA Ireland’s Accountancy Plus, Prommt’s CEO, Donal McGuinness shares his insights on how Open Banking payments can help reduce fraud and costs.

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January 18, 2024 Irish Tech News Podcast

Donal McGuinness, CEO at Prommt, discusses how to effectively identify and protect oneself from fraud as SMS and phone scams grow more sophisticated.

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January 3, 2024 The Paypers’ Cross-Border Payments and Ecommerce Report 2023-2024

Prommt has been featured in The Paypers’ recent Cross-Border Payments and Ecommerce Report 2023-2024. The report provides a comprehensive overview of trends, developments and future perspectives of the payments landscape. Payments Orchestration has been an emerging topic in recent years.

Prommt optimises payment success by offering merchants the flexibility to present pay by bank (open banking payments) or card options when requesting payment, or automatically set the desired payment method depending on value threshold or location of a transaction. Prommt can set automatic chase paths for failed transactions or where the cart has been abandoned and present an alternative payment method to complete the transaction – bank or card. Prommt is an acquirer agonistic payment orchestration provider. One of our key benefits is the ability to reduce fraud and provide additional protection against fraud for our merchant clients.

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