Tribe Payments, a team of industry experts dedicated to delivering the future of payments, has announced the launch of Bankbox. Bankbox is an API-led, agnostic module that provides issuers and acquirers access to banking systems and rails such as Faster Payments in the UK and Automated Clearing House in the U.S.
Part of Tribe Payment’s modular platform ISAAC, Bankbox is designed to help programme managers – who have card services or a digital wallet – and acquirers – that are accepting payments on behalf of a merchant – add banking services to their products. The module works in conjunction with Tribe’s Digital Wallet module for issuers or its Acquirer Processing module for acquirers. Alternatively, the stand-alone module can be easily integrated via APIs into existing payment systems.
In addition to easing access to banking systems, the launch of Bankbox helps programme managers accelerate their Open Banking efforts. Payment companies – and the merchants and consumers they serve – are looking to capitalise on Open Banking payments. Open Banking payments are authenticated directly between consumers and their banks. This means unlike with card schemes and direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds, as well as dramatically reduce processing costs.
“Programme managers need access to banking systems to create powerful propositions. But even in the Open Banking era organisations are struggling to capitalise. Connecting is frankly like wading through technological treacle,” said Suresh Vaghjiani, CEO of Tribe Payments. “Bankbox aims to standardise access to banking systems, cutting out complexity and unnecessary middlemen. With a single integration Tribe can now connect a programme manager that is accredited to access these rails so they can provide their customers with choice, expand their reach, and reduce costs.”