The PSD2 and SCA have tightened the rules in the European online payment sector but also created new exciting opportunities. It is thanks to the PSD2 Open Banking API, that we are happy to bring to you, Direct Bank Transfer! This new exclusive payment method, brought to life by Deutsche Bank allows webshops to process instant bank transfers directly in the checkout process for all your customers throughout the SEPA area!
What is Direct Bank Transfer?
Direct Bank Transfer is an innovative, newly released payment method created solely for the purpose of making direct banking faster, easier and safer. It is based on Sepa Transfers and the PSD2 Open banking API to transfer funds within a matter of seconds.
Direct Bank Transfer connects your consumers’ banks to your website, to instantly receive guaranteed funds. This payment method is, by default, compliant with the PSD2 regulation and SCA requirements, hence decreasing the risk of fraudulent activity and granting faster settlements.
How to use Direct Bank Transfer?
The consumer does not need to exit the checkout process to complete the payment, as usually happens with normal SEPA transfers. The consumer can fill in his/her payment information online and during the checkout process! It allows for instant fund transfer and drastically improves the payment experience for your consumers.
This payment method is all about ease of use and processing a direct bank transaction swiftly and securely. This translates itself to a completely integrated payment portal into your webshop.
All your consumer has to do is select Direct Bank Transfer as their preferred method of payment, which will then redirect them to the Deutsche Bank portal. Here they will enter their payment details, with the final step requiring them to authorize the payment with their two-factor authentication. Once they have completed that final step their payment will be completed, returning them to your website for your post-order services.
Why should you choose Direct Bank Transfer?
Direct Bank Transfer is the ideal alternative to regular bank transfers and creditcard payments. It offers your potential client a safe environment to process their payment, eliminating the chance for potential mistakes and decreasing the chance of fraudulent activity. The integration into your checkout also aids in providing your customers with a seamless shopping experience, which is one of the key elements of creating a friendly environment for your webshop visitors. If you’re in a country where creditcards are still one of the main forms of online payment, Direct Bank Transfer will provide you with an alternative, cheaper solution.
Combine those aforementioned perks with the instant settlement of authorised Direct Bank Transfers and you have a complete package, fully geared towards providing a streamlined payment experience in your webshop.
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Looking to add Direct Bank Transfer to your webshop?