Open Banking Payments
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Why operators switch to open banking
The payment rail built for your bottom line
Open banking eliminates the intermediaries that add cost, delay, and risk to card acceptance. One direct bank rail, three structural advantages for your payments operation.
Instant bank-to-bank deposits
Customers select their bank, authenticate once in their banking app, and the payment arrives in your account in seconds — no card details, no card network, no card risk.
Zero card processing fees
No interchange, no scheme fees, no acquirer margin. Open banking uses a direct bank rail — your cost per deposit is a fraction of card acceptance at any volume level.
Real-time settlement, no chargebacks
Funds credit your account the moment the customer authenticates. Push payment mechanics mean chargebacks cannot occur — no disputes, no reserve requirements, no exposure.
How it works
Three layers of the open banking advantage
From the moment a customer chooses to pay by bank, to the instant the credit lands in your account — and the conversion gains that compound between the two.
Accept deposits directly from your customers’ banks
Open banking pay-ins remove the card layer entirely. Your customers authenticate with their own bank — the payment is authorised, and funds arrive in your account in seconds with no card network in between.
Bank-selector checkout
A search-first bank picker that covers 95%+ of UK and EU consumer accounts. Your customers find their bank in under five seconds; the redirect to their banking app is seamless and returns them to your product the moment they confirm.
Instant push authorisation
Payment authorisation is completed inside the customer’s own banking app — biometric or PIN — with no card entry and no 3DS step. Authorisation rates are structurally higher than card because there is no issuer risk model to navigate.
Variable recurring payments
Set up VRP mandates for customers who want seamless repeat deposits. The customer authorises once; your platform controls subsequent payment amounts and timing within the agreed mandate parameters — no re-authentication friction on each transaction.
Recurring deposits
Set up variable recurring payments with a single customer mandate
For operators accepting regular deposits — subscription fees, wallet top-ups, or scheduled transfers — Variable Recurring Payments (VRP) let customers authorise a mandate once. Your platform then controls subsequent payment amounts and timing within the agreed parameters, without re-authentication friction on each transaction. Customers retain full visibility and revocation rights via their banking app, while your operations run without manual re-authorisation cycles. VRP is part of the broader Xace connected finance infrastructure.
Multi-currency deposits
Accept open banking deposits across currencies and markets
Xace open banking supports deposits in GBP and EUR. Where your platform operates across markets, received funds can be converted at the point of settlement — customer deposits arrive in their local currency, and your account receives the converted amount without a manual FX step. The regulated provider infrastructure underneath — the AISP/PISP and consent management layer — is operated by Xace as a registered Third-Party Provider. Operators who want to understand or build on top of that provider layer can explore the regulated TTP platform.
Mobile deposit UX
The highest-converting deposit flow on mobile — by design
Card payment conversion drops on mobile: 16-digit entry, 3DS redirects, and failed authorisations from international issuers are endemic. Open banking is inherently mobile-first. The customer taps to select their bank, authenticates with Face ID or PIN inside their banking app, and returns to your product with the payment complete — the entire flow takes under 30 seconds. For platforms where the majority of deposits happen on mobile, the conversion uplift is structural, not marginal. Combine open banking deposits with Xace's batch payment capabilities for the outbound payout side of your operation.
Platform context
Accepting payments — not building provider services
Xace open banking serves two distinct groups. This page covers the merchant side: operators and platforms that want to accept instant, fee-free deposits from customers via open banking pay-ins. The product gives you a direct bank-to-bank deposit rail alongside your existing card acceptance, with zero card fees, real-time settlement, and no chargeback exposure.
If you are a regulated Third-Party Provider — authorised as an AISP, a PISP, or operating as an agent of an authorised TTP — and you are building financial services products that access bank account data or initiate payments on behalf of end users, that is the Open Banking TTPs page. The TTP platform covers the regulated provider infrastructure: PSD2 APIs, consent lifecycle management, SCA flows, and 1,500+ bank connectivity for provider-side services.
For operators, the commercial case for open banking is clear and immediate. Replace some or all of your card deposit volume with open banking and the cost, settlement, and chargeback profile of your payment operation changes structurally. Operators who route deposit volume through open banking early build a cost advantage that compounds as that volume scales — and the integration is fast enough that going live in days is typical, not exceptional.
The open banking numbers
What changes when you remove the card layer
0%
Card processing fees
Instant
Settlement to your account
95%+
UK & EU bank coverage
Zero
Chargeback exposure
Operators on open banking with Xace
Head of Payments
Head of Payments · Licensed gaming operator
“Moving our deposit volume to open banking cut our card processing cost effectively to zero and eliminated chargeback disputes entirely. Settlement is real-time, which transformed how our treasury team operates day to day.”
CTO
CTO · Fintech platform
“The integration was faster than any payment method we have added before. We went from API access to live open banking deposits in under a week. Xace handled the bank connectivity side completely.”
Product Lead
Product Lead · Gaming operator
“Our deposit conversion rate increased meaningfully after adding open banking alongside card. Customers genuinely prefer authenticating in their banking app over entering card details — particularly on mobile.”
Open banking questions
Frequently Asked Questions
Practical answers for operators evaluating open banking as a deposit and pay-in rail.
Where next
Go deeper on open banking