The new digital wallet aims to address a common problem for open banking services: payment initiation service (PIS) licenses are difficult to come by and typically do not allow banking providers to hold merchants’ cash. As a result, merchants are forced to sign two separate agreements, one with an opening banking provider and the other with a payments solutions firm.
However, with Clear Junction’s new e-wallet, opening banking providers will be able to integrate payment solutions into their platform, providing merchants with a simple one-stop-shop platform for conducting business.
“Through our new e-wallet offering, open banking providers are able to enhance their customer offering, making the entire process of sending and receiving funds quick and easy,” explained Berivan Demir, product and banking relationship director at Clear Junction.
Image Credit: Clear Junction