top of page

Online payment through Open Banking. How to choose it with confidence for your business.

Do you want your online payment transactions to be quick, safe, and transparent, directly between you and your customer?


Account-to-account payment through Open Banking - an innovation desired even before the time by many merchants to collect easily for each product or service sold online - has become over the last 2 years a reality within the reach of every store or digital business.


The benefits of Open Banking are tangible:


  • Reduce costs with every customer collection and turn customer payment into a straightforward process. Open Banking cuts out middlemen and enables direct transactions between consumers and merchants. This payment model relies on the newest technology, regulated by the PSD2 European directive, which promises continuous evolution and an optimistic outlook for the future of online transactions without intermediaries.

  • You improve liquidity. Payments are processed quickly and directly into your bank account, eliminating the wait associated with card processor settlements.

  • You increase the trust of your customers. We often encounter customers who are fearful and distrustful of filling in their confidential debit/credit card details on unfamiliar sites or in digital wallets, so a payment method with a higher level of security without exposing any secret information online and without saving their data in an unknown cloud, is the only option that gives them confidence.


Misperceptions in choosing a payment solution


While all fintech providers offering account-to-account payment have in common the Open Banking infrastructure mandatorily exposed by every local bank, it is easy to think that price is the only differentiating factor. But, as recent years have shown us, from the appearance of Open Banking in Romania in 2019 until now, other essential factors differentiate account-to-account payment providers, and the lowest price can hide unexpected risks and consequences. Don't let the price deceive you – look to understand the quality of the solution.


Beyond price, a solid foundation for Open Banking


Especially in the area of ​​Open Banking payment solutions, the price has become in a very short time since the regulation and formalization of this technology a weak and bottomless strategy to enter new markets for some providers from other regions of Europe. Connecting to the Open Banking infrastructure of popular local banks, exposing a rich list of regional / European banks and a microscopic price constituted the market-entry solution.


This approach is increasingly used to demonstrate regional presence and capabilities, both to investors fascinated by the mirage of an expanded market, and to merchants looking for innovative payment methods, such as account-to-account payment, and for whom an irresistibly low price of their current cost level can pique their interest and sense that they are facing a good decision.


But here are the defining elements you need to consider when choosing a fintech provider for account-to-account payment through Open Banking in your e-commerce platform, for you and your customers:

Plata cont la cont prin open banking in eCommerce

1.     The importance of choosing an authorized fintech provider


To ensure your account-to-account payment transactions are compliant, make sure you work with a fintech provider recognized by national authorities.


In Romania, the National Bank of Romania (BNR) is the institution that validates, authorizes, and supervises Open Banking providers and ensures that they comply with the rigorous standards imposed by the PSD2 directive and local regulations.


Smart Fintech is the first of the two local providers authorized by the BNR and stands out with its dedication to providing account-to-account payment solutions for e-commerce, for B2C and B2B transactions, alongside the bank account inquiry service.


Check if the provider you choose is authorized by a Central Bank, and for your domestic payments it is all the more important that the payment transactions are initiated with the help of a service directly authorized by the BNR. This increases confidence in the legality and safety of the service but also provides you and your customers with a direct local channel to report and quickly resolve any potential incidents.


2.     Own License, not borrowed


The explosion of Open Banking in Western Europe led to the emergence of many fintechs that considered this technology a real El Dorado. In their quick search for success, some of these entities have bypassed the formal authorization process through their Central Banks, preferring a quick route to operating: operating under a license borrowed from an authorized provider.  


Make sure your Open Banking fintech partner has their license, obtained through a rigorous authorization process. This is the hallmark of a legitimate and dedicated player in the Open Banking space. A proprietary license not only emphasizes the authenticity and independence of the supplier but also gives you the guarantee that your customer's payment initiations are handled with utmost seriousness and under proper supervision.


Don't settle for a temporary solution – invest in a lasting collaboration that promises long-term security and stability for your business and your customers' transactions.


3.     Commitment and involvement in the development of local Open Banking


A reliable provider in the Open Banking sphere engages with involvement in the evolution of account-to-account payment services, acquiring a deep knowledge of the local market to which it wishes to contribute and develop. Active involvement is key to meeting the specific demands of retailers and consumers.

In the dynamic financial environment in Romania, such efforts require not only a physical presence but also a team of dedicated specialists - true pioneers - who not only make connections with local banks but also thoroughly examine data from thousands of transactions to improve the constant experience of using the payment solution together with partner banks.


Active and consistent commitment to the evolution of local Open Banking capabilities is an essential barometer of the provider's commitment to its customers and the local market. Choose a partner that contributes to the progress of local Open Banking.


4.     Deep knowledge of the local Open Banking infrastructure


A trusted account-to-account payment origination provider analyzes, tests, and contributes to the improvement of local bank infrastructure through continuous testing results and customer user feedback to provide them with the best experience for account-to-account payments.



Choosing an Open Banking payment service provider is a strategic decision that can influence the success of your business in the digital age. It is essential to choose a partner with a strong local team, authorized and involved in the development of payment services, which offers you not only competitive prices but also the safety and stability necessary to protect your business and build trust between you and your customers. A provider that combines local expertise with a firm commitment to technological advancement will ensure a solid foundation for your online account-to-account transactions.

Alice Anghelea - Revenue Growth Smart Fintech

Author: Alice Anghelea, Revenue Growth Smart Fintech

Follow us here to learn more about how the most cost-effective online payment method can help your store.


This article has also been published on the GPeC Community blog. Access it here.


bottom of page