Linxo Group, a subsidiary of Crédit Agricole Payment Services, has launched its authorised payment institution Oxlin – the first in France to launch a universal solution for initiating payments by bank transfer through a single API.
Oxlin Payments is now giving its partners – payment integrators, online merchants, banks, service providers, etc.- the opportunity to offer their customers the possibility of initiating payments by transfer from any online space or channel, including SMS, WhatsApp and weblinks. This innovation will allow users to make payments or purchases by transfer using an identical process, regardless of the channel chosen and the issuing bank.
This solution will also make it possible to automatically add funds to a user’s current account by retrieving available funds from one of their accounts with a different bank, without having to exit their banking app.
“We are the first in France to commercially offer an industrial, multi-channel and universal solution for initiating payments by bank transfer,” says Bruno Van Haetsdaele, President of Linxo Group, Oxlin’s parent company. “Oxlin Payments is a multi-channel solution. It can also be integrated into a web page, launched via a link sent by SMS or WhatsApp-type messaging or linked to a QR Code.”
After more than six months of tests under real conditions, Oxlin is approved by the French Prudential Supervision and Resolution Authority. It offers a single API making it possible to initiate transfers in a totally secure, universal (allowing access to all banks and on all digital channels) and industrial (based on the infrastructure of bank transfer operations) manner, regardless of the bank.
Oxlin Payments has therefore established itself as a universal solution, regardless of the channel and bank. This industrial solution, which can handle large volumes thanks to its banking technology bricks designed to support numerous operations, is also economically competitive compared to other payment solutions on the market. Transactions are secured for both the payer and the payee thanks to the use of bank APIs and the very nature of a bank transfer.
Van Haetsdaele added: “Transfer initiation makes it possible to initiate a transfer from bank A to bank B in a very simple way. Our Oxlin Payments platform offers a unique API that allows stakeholders to offer this type of payment in a totally secure way. It’s simple, fast and responds to a real need in addition to existing solutions such as card payments or direct debit, while also capitalising on the roll-out of instant money transfer.”
Oxlin Payments is already connected to the main banks in France that have opened their APIs in accordance with PSD2 regulations.