Macropay Reviews about Open Banking Benefits

For too long, merchants have been limited by rigid payment processing structures and networks that make it difficult to do business across borders. Could Macropay’s approach to open banking be the solution?

 

For many countries around the world, open banking is the future of fintech. It’s poised to level the competitive, high-barrier playing field that has kept smaller financial companies in the shadows of large traditional banks for far too long. But the real winners of open banking will be consumers around the world who want more fluid financial options without the friction.

 

Macropay inherently embraces the open banking movement with its single API that offers multiple local payment options to merchants around the world. It’s a step forward for many e-comm companies that expect more from their financial processing services. As a result, they can reach more customers to grow their revenue without the typical hassles of global transactions.

 

This Macropay review gives you an inside look into how Macropay is leading the charge for open banking that works.

Macropay Review

First things first: a review about Macropay. Founded in 2014, Macropay provides merchant services to businesses in multiple countries as a way to accept global payment options. The goal is to allow merchants to offer local payments regardless of a customer’s country.

 

Before Macropay, the only way to do this was to set up individual payment gateways for each type of payment. This was a time-consuming undertaking that required extensive coding and setup, not to mention it presented customers with too many options at the checkout.

 

Now, Macropay’s single API connects more than 13 different payment providers around the world. This API allows merchants to accept multiple types of local payments without having to set up each one individually.

How Macropay Supports the Open Banking Movement

The API approach is a hallmark of the open banking movement, something that Macropay and many other fintechs have been advocating for. Open banking enables data sharing between banks and non-bank financial companies to create and improve products for end-users. Data is kept secure so as not to infringe on user privacy. It is poised to reshape the banking and financial services industry as we know it.

 

A greater push in open banking would open up even more payment options for merchants, which in turn, can spur greater collaboration across countries in e-commerce.

Security and Simplicity: The Beating Heart of Macropay and Open Banking

The two driving forces behind successful open banking are security and simplicity, both of which Macropay brings to the table with its API. It’s inherently simple given the ease and speed of setup, and users can track transactions in a user-friendly dashboard.

 

Rightfully so, the security aspect gets the most scrutiny. With the new PSD2 initiatives rolling out in the EU, more guidance is available on security protocols (particularly Strong Customer Authentication). Macropay offers increased transparency into the movement of money, which will only become greater as open banking takes flight.

 

We invite you to explore more about Macropay and its support of the open banking movement and how it can transform the way you do business across borders.