The open data and payments platform Moneyhub and the payment orchestration service BR-DGE announced on Tuesday (December 14) that they have joined forces.

According to the two companies, BR-DGE will integrate Moneyhub’s open banking technology into its platform, which offers an integration point for several payment options.

“This means merchants no longer need to choose between one or two high cost and administrative overhead payment providers,” the companies said in a press release. “Providing more choice and flexibility to merchants also increases the odds of payment success due to the removal of over-reliance on a small number of payment providers. “

Meanwhile, merchants using BR-DGE can offer customers an open bank as a payment method, allowing them to transfer funds directly from their bank to the merchant’s bank account instead of needing to use a card or to go through PayPal.

The companies say open banking benefits both merchants and consumers by offering lower card transaction fees, instant payment settlements, and increased security. Customers can make payments knowing their cards are protected, while merchants can take advantage of the Strong Customer Authentication (SCA) compliant payment option.

“Providing access to a world of traditional and innovative payment solutions at the click of a button is the future of payments,” said Brian Coburn, CEO of BR-DGE. “Providing open banking services within this framework is a key piece of this puzzle. “

Coburn also notes that his company believes “the magnitude and impact of failed payments has been largely overlooked.”

Moneyhub CEO Sam Seaton added, “Merchants and consumers alike have so much to gain from bank-to-bank payments: safety, speed, efficiency and cost. Raising payments is a truly vital task, and the partnership with BR-DGE further improves the options for consumers. “

Read more: The days of manual credit card reconciliation processes are numbered

PYMNTS spoke to Seaton last week about the reluctance of some companies to abandon their manual digital reconciliation processes. She attributed this in part to the lack of knowledge of open banking capabilities, but also to the time and effort required to change existing and entrenched ways of doing business..

“We must also not forget that people fear that they themselves or all of their departments will lose their jobs, [and] on top of that, people don’t like change, ”she noted.

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