Finextra

Dutch payments platform Adyen has launched a new, open banking-powered, alternative to card transactions.Taking advantage of the EU’s PSD2 requirement for banks to create APIs that let third parties initiate payments on behalf of consumers, Adyen has plugged in to the UK’s biggest account providers. Other European countries are expected to follow.

Open banking payments are authenticated directly between consumers and their banks, meaning, unlike with direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds.

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