VoPay launches open banking payment solution for Canadian businesses

VoPay, which enables corporates to send and accept direct bank payments, has announced a solution that offers a set of tools and APIs to instantly enable Canadian online businesses to accept and manage payments directly from any bank account. The solution lets customers pay for goods and services online and on-the-go directly from their bank account with the associated bank-level data security and privacy. The solution is currently being offered to clients of Canadian financial institutions, including Bank of Montreal.

According to a report from Ernst and Young and Payments Canada, Canadian businesses are currently spending up to $5 billion on processing payments due to challenges in the industry that arise from a lack of transparency and available data on payments processing. These payment processing pain points are eating away at potential savings which are impacting bottom lines and leading small businesses to call for more payment options.

VoPay has introduced a payment technology solution to enhance how businesses initiate and accept financial transactions and resolve key payment uncertainties by validating and authenticating bank account information and financial data instantly at the time of the transaction.

This solution helps businesses to process payments more efficiently through facilitating direct bank account payments. VoPay says that solution has associated costs that are 80%-90% lower than traditional credit card fees.