Reduce Fraud and Costs with Open Banking Payments

Sneha Padavala

10th Apr 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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