Simplify Wedding Payments with Open Banking

Sneha Padavala

02nd Jul 2024
Simplify Wedding Payments with Open Banking

Business Age

“Dealing with large sums brings unique challenges, and this is where open banking can be a lifesaver. It eliminates the constraints of card limits and costly processing fees and offers a safer, quicker, and more efficient alternative to traditional bank transfers, drafts, or cheques,” writes Donal McGuinness, CEO at Prommt.

Wedding planners must balance deposits, final payments, and ensure smooth transactions while coordinating with multiple vendors. Vendors frequently face payment delays that impact cash flow and service delivery. Venues manage booking fees, milestone payments, and refunds, often with outdated spreadsheets. Risks like fraud, chargebacks, data breaches, and human errors complicate payment administration and increase costs. Meanwhile, the happy couple must budget meticulously, track expenses, and ensure payments stay on schedule, all without dampening their excitement for the big day.

In his latest op-ed for Business Age, Donal explains how open banking accelerates payments, increases savings, reduces fraud, and ensures data compliance.

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