Volt's Guide: How open banking is disrupting credit cards

01 Aug 2022

Ran Cohen: Okay. Hello, everyone. Welcome to Bridger Learn and another event. Today together with volt, we are going to wait a few more minutes for people to join us. Before we start, we have Matt Komorowski from volt. Great to have you with us all the way from New York. So how are you?

Matt Komorowski: Great to be here with you and excited to be talking today about open banking and everybody joining as well. So it's a pleasure.

Ran Cohen: Cool, we're gonna have some more people getting ready to join. So we let them come in. So you're based in New York and offices where?

Matt Komorowski: Also based in London, we've got offices across, across Europe and in Brazil at the moment.

Ran Cohen: Brazil?

Matt Komorowski: Brazil yeah, open banking is it's not a European phenomenon. It's, it's actually a global one happening about 50 different countries. So Brazil is one of them.

Ran Cohen: How about other regions like MENA region and Southeast Asia?

Matt Komorowski: Yeah, so you've got I mean, you've got a number of different types of open banking, a different open banking schemes are inherently domestic. So in Australia, you'll have the new payments platforms, kind of a domestic open banking scheme, you'll have pay now in Singapore, you'll do it now or prompt pay at other places, UPI in India. And really, it's a way of, on one hand, you can call it democratizing financial services. On the other hand, you can simply say, it's, you know, it's allowing people to do more with their bank accounts. And actually, circumventing the oligopoly that Visa and MasterCard have built up over the decades. But it's happening, and it's happening in like I said, about 50 countries right now, there's more countries rolling it out every year.

Ran Cohen: And then the banks are collaborating. And that's, I think one of the most important thing is they all want to be a part of the change.

Matt Komorowski: Exactly, exactly. They've been they've been at the mercy of Visa and MasterCard for four years now. They're actually taking control into the wrong hands. And again, depending on the country, in some countries, it is a it's a bank driven initiative, where they come together and collaborate in other countries, it is a government driven initiative, where they're the banks are simply told that they need to standardize and issue API's and collaborate in that way. But, regardless of which, which scheme or which setup it is, the I think the key thing is that the end consumer benefits and also the merchant benefits.

Ran Cohen: Yeah, that's good. Because in the end, they are they do the transaction in a secure way that, coming from the bank, there's a lot of confidence coming around the and we have a lot of talk to talk about, about open banking. So yeah, I think we can get started. Yeah, we have still people that are joining us. Wow. Open banking is a hot topic. And we have quite a lot of people here. So thank you, everyone that joined us today. We're happy to share from our experience here in Bridger and our partners experience and product. And to give you some valuable information on how you can add or enhance your payments and you have the option to chat with us and ask anything you want to all this less than an event and just ask us on the chat and we'll be happy to answer. So hi, Adam. Nice to meet you. So yeah, give us just ask us anything, and we'll be happy to stop and answer. And let's get it going. So I'm here with Matt from volt Chief Revenue Officer. Now in New York, here with us to tell us about open banking, the product of Volt and the advantages of using open banking in your checkout. We've integrated vault within Bridger and the experience is seamless and we're very happy with the product and how it looks and our clients are happy. So we're happy to share with you as well. This product and the experience that you get out of it. Yeah, let's get started. So, open banking flow. Maybe before you want to give us the baseline on open banking, what is open banking? Why is it so different from credit card providers and credit card processor so that we are connecting into your checkout and for me as a merchant, why is it so important for me?

Matt Komorowski: Yeah, definitely. So I think I'll start off very high level in terms of like, what is open banking because open banking is something that people are talking about more and more, you're hearing in different conversations. But there's still a lot of misconceptions about what it is and what it isn't. So at a very high level, open banking is simply a regulatory framework that enables account holders, consumers like each and every single one of us to share their financial data with regulated third parties through an API. Now, what does that actually mean in plain English, that in plain English, that simply means that I can initiate a payment from my bank account to a Merchants Bank account in a very seamless way. And we can walk through that that's called payment initiation. There's also something called Account Information Services where I can securely share selected information from my bank accounts with a third party or with a merchants to, for example, verify my identity to be able to do affordability checks for a number of different use cases. So essentially, it's a framework that allows that and within Europe, we know that as PSD 2 within the UK, it's the Faster Payments. But essentially, it's a framework in which banks issued API's that third parties can plug into and provide those kinds of services. Now, I think what's also key to mention is that open banking is not a European or a UK phenomenon. We were just talking about this briefly, you and I, when we're waiting for people to join it, open banking is happening in different flavors or different, or under different names across 60 countries across the world. And Brazil, we know it as pics, and it's also interesting use cases there and Singapore, it's pay now, in India, its UPI.

Matt Komorowski: And there's many other iterations of that, saying that's the kind of the key thing around what is open banking. And then if we zoom into what an open banking payment actually looks like and compare that to credit cards, it's actually very interesting, because the with two factor authentication or the new, you know, the need to verify a transaction, a credit card transaction, the process of actually initiating and confirming a transaction from your bank account as a consumer is as good as if not better than a credit card transaction, because it was a single credit card transaction need to type in the 16 digits of your card need to type in the four digits or 6 digits of your expiry date, that three digit CVV number, whereas with an open banking payment, you simply select your bank, you get redirected to your banking app, or you do it through your online banking on your desktop version, and you simply confirm the payment. So within a mobile checkout experience is what we have on the screen here. As you know, step one is you simply select that you want to pay with bank. Step two, you pick your bank, for example, Santander, you get redirected to your mobile banking app, you verify with face ID and you simply confirm the details of the payment, you will have a transaction completed within three taps

Ran Cohen: And a smile?

Matt Komorowski: And a smile. Exactly.

Matt Komorowski: Yeah, I think that's in terms of experience. It's it's a very smooth experience. And also one that adds a lot of confidence. You're paying from your bank account paying from balance, you know what you do. What does it mean in terms of chargebacks? And frauds?

Matt Komorowski: Yeah, that's a great question. So essentially, you have with credit cards, it's no you have your credit card numbers, you use your credit card, when you go to a restaurant, you pay for something, somebody can intercept those credit card details and try to use those details to make fraudulent transactions which anybody that's processing payments and understands how big of a pain that is because you get chargebacks that you need to respond to you need to hire people that actually respond to those chargebacks you get charged for the chargebacks regardless of whether you win them or not. And if you don't you lose the money and the product or service that you provided on the open banking side, there is no way of doing a chargeback. Once the money is paid, it is paid. So the moment you receive the funds on your account that money is on your account and it's not going anywhere. It cannot be reversed. And then there's always the question of Oh Well, what happens if somebody's actually doing a fraudulent transaction from your bank accounts? Well, I think it's a much bigger security breach, if somebody has managed to gain access to your bank account and can do fun transfers from your bank account, then, then simply doing one, one fraudulent transaction, I mean, that's a much bigger, a much bigger issue a much bigger risk. And against something that's also quite rare.

Ran Cohen: Yeah. And just from the money flow, so a user will pay with his bank account and basically, volt will settle that money to any business that is connected to you guys. On the settlement dates directly, like any payment gateway will provide.

Matt Komorowski: Exactly. So I think it's very interesting to make a call out here. So there's a lot of facts and fictions, or a lot of friction still floating around in the industry around open banking. Because open banking is referred to as real time payments or instant payments and in a number of countries, it indeed is real time. Which means, transaction will settle within five to 10 seconds, for example, pics in Brazil, the transaction settles into your merchant bank account within two seconds, which is a nice change to the 30 days that you need to wait for your money with a typical credit or debit card transaction, right? In Europe, that, again, it depends on the country and even more than on the country, it'll depend on the bank. So in places like the UK, where you have the banks on the Faster Payments rails, those transactions will actually settle into your bank account within a matter of five to 10 seconds. If you look at Western Europe or Northern Europe, that'll again, that's quite quick, it'll be a matter of five to 10 seconds. In some cases, it'll be up to 10 minutes, depending on if the bank is on the SEPA instant settlement rails. But then the further east you go on the further south you go, depending again on the bank that can take some more time. So I think the critical thing to to know and to understand about open banking is there's two sides to a open banking transaction. The first is the payment initiation, which is the consumer actually going through the process that we just looked at, which is saying, Yes, I'm authorizing the payment on my side, I have the funds, the bank says yes, the funds are there, the funds are set. And then the second part is actually the settlement. Right. So making sure that you have visibility into the the bank account, you're able to get an instant settlement notification that the funds have actually hit your bank account. And of course, the areas where or the countries, the banks where that happens instantly or near instant, you have little to no risk of non-settlement. And again, as I mentioned, you know, as you go a bit further east in Europe, those banks are yet to just switch on to the onto SEPA instant where those things will actually happen. So the key thing is actually looking at making sure that you've got you got instant settlement notifications. I see there's a question here.

Ran Cohen: Yeah. Do you want to take it?

Matt Komorowski: Yeah, I'm just reading through. So this question is that across separate region, there's a chance of canceling the transaction after the payment has actually been initiated. And that is true. So that's why again, I'm emphasizing there's two sides of a transaction. Initiation and there's the settlement, right. So you want to actually ship the product or provide the service the moment you the funds settle into your account, not kind of the moment that you get a just the initiation notification. And yes, I do think that under PSD three, there will be more protection on that. I mean, if you read into the if you read into the regulation around PSD to the way that it's actually worded it PSD needs to provide relative comfort and whatever relative comfort means to anybody. For me relative comfort is knowing that the funds are actually in my bank account. And hence the emphasis on the settlement notifications.

Ran Cohen: So, guys, if you have any more questions, we'll be happy to answer all I thought I hope we answered you and yeah, let's, let's move on. Do you have anything on that slide more?

Matt Komorowski: Yeah, I think I do. So I mean, I touched upon this a little bit. But the, what excites me about open banking as opposed to, credit cards and debit cards, the fact that essentially, everybody has a bank account. So when we're talking about what's the adoption of open banking, and how quickly is it going to adopt, unlike Pay Pal or any of the other walls and by the way for everybody I spent the past 10 years at PayPal, so I'm quite familiar with how that works. You know, the key thing is really how do you drive adoption of a wallet or a new payment method? And usually the biggest challenge is how do you actually get somebody to sign up for it.

Ran Cohen: Signup it use and reuse

Matt Komorowski: Use and reuse exactly. And the truth is, with open banking, you don't actually need to get somebody to sign up, everybody has a bank account. When we're talking about Europe, when we're talking about, again, I'll go back to the example of Brazil, picks in Brazil launch I think was two, maybe three years ago, you've already got 60% of adults using picks on a monthly basis. And that's significantly higher than any kind of credit card penetration. So basically, what you're really doing with that as you're driving the democratization of financial services, you're allowing people who may not necessarily qualify for a debit card or credit card or not want to pay for the fees of having a debit card or credit card are still able to do transactions online, whether domestically or, or internationally, with very simply from their bank account that, a very low costs,

Ran Cohen: About some countries that, credit card or not the most favorite method of payments, definitely if you go to Southeast Asia, Asia and Latah. And, but it's amazing how businesses also adopt so fast. This payment method and how immediately it went inside because in the end, if you have this ratio of people think about the amount of businesses that added data. And I think the one of the most important things here is that the way to embed the way to integrate the way to add this online payment method in your checkout, that would be a big challenge for some merchants. And you want it to be seamless, you want it to be fast, and you want to sell obviously, different clients with different banks that that you guys are having. So that's scenario thing that you need to think about not only develop or get it, you need to think about how to integrate well within your checkout. So we'll, cover the experience with

Matt Komorowski: Yeah and I think that's critical. I mean, at the end of the day, the consumer, the consumer experience and how they actually go through that flow is its the most important that decides whether a purchase or sale happens or doesn't happen. And I think the ease with which you can plug that into your checkout, how smoothly that works, how easily that integrates with your existing reporting and reconciliation that you're doing. You know, that's, I think that's a key point for merchants, right, to make that decision. I think that, you know, again, that's something that that Bridger pay does phenomenally well.

Ran Cohen: Yeah, I think that that's the The Big Adventures, but basically with the disconnection we did with you guys, is our ability to really unify the call to the merchant, so is ambivalent if it's a credit card or now, and online payments and you can accept, now this method within his checkout very fast. And enjoy all this reach in all those countries that you're opening, and you're opening. I'm guessing more and more countries all the time, right.

Matt Komorowski: Yeah, we already got a pretty robust roadmap in terms of in terms of what we're opening. So we're launching a few more countries in in Asia later this year, we got a pretty heavy roadmap for each one as well. I mean, essentially, the what we're doing with volt is creating a global platform that will unify all the different open banking schemes in one place. So that's kind of what we're doing. So, you know, today that its UK, it's Europe, it's Brazil, all available through one API, one integration, one account set up all available through again, that one unified experience through Bridger pay. Now tomorrow, it's going to be five more countries by the end of next year, it's going to be 20 more countries. So and that's, again, all available through one place.

Ran Cohen: Okay, let's go to the next one. Yeah, that's interesting. So cards are, a very useful method people are regular to use it. There are many merchants that you can see only cards and not even PayPal on the checkout. But the idea and the challenge is there and they get this request from the consumer to add the online banking solution. But in the end, those businesses are really like you said that not all are completely educated on this solution, some of them are a bit afraid on the parts of the security and in the money flow. So let's really talk about what's the advantages why is it business I should connect it? And what's in it for me? What can I basically seen as a new part for my business?

Matt Komorowski: Yeah. So I think the the first kind of the first reason is really giving consumers preference, right. So in card heavy markets, where most people have a credit card or debit card this is a, an option that consumers are still opting for, because it's simpler, because they can do it with like I mentioned before, three taps on your phone, and they're actually having to pull out a, you know, a credit card and punch in the details. So just that experience is, you know, in card heavy markets is still superior. In other markets where cards are not as popular. Again, if you're looking, if you either operate in markets like that, like I mentioned, Brazil, if you're looking to start selling into that market, you're gonna be offering just credit cards, you're able to tap into maybe 10% of the online population, if you're offering Pics or any of the other local schemes in other markets, you have much more are able to tap into a much larger part of that market. So I think that's kind of one thing. The second thing is really around price. So I mean, Visa and MasterCard, and AmEx and all these guys mean, they've been around for seven years. And they built a very nice business, but because of the limited number of rails, I mean, they just think dictate what that price is. And that price, interchange has been regulated to some degree in the European Union with Brexit, interchange fees have gone up in the UK, essentially, there are no interchange fees to be paid with, within open banking, at least within Europe and other countries. There's other there's other fees to be paid. But still, they are significantly cheaper than accepting a credit card transaction. So I think that's kind of the second big difference.

Ran Cohen: Basically, if I'm going to pay less in processing costs, that's like bottom line. And if I'm taking it on my clients, they would pay less so. So yeah, that's, I think, one of the most important and that advantages, because in the end, what can you lose? You know, anything that goes on online banking, you just pay less. So I think it's just a win situation for a businessman?

Matt Komorowski: Exactly. Exactly. I think some of the other differences is the speed in which you can access your funds. So again, when you look at credit cards, depending on who you're processing with, and what country you're processing, and I mean, you may be getting your funds, and t plus two t plus three, so two or three days after the transaction settles in places. And other places, you'll get it at the end of the month or within 30 days. And again, depending on what industry you're in, if you have delayed delivery of a product or a service, then you may actually be waiting 30 60 90 days for part of your funds or all of your funds, because the credit card processor is going to require, bank guarantees or some sort of reserve requirements, whereas with open banking, you get the money, the moment it hits your bank account, like I said, the two seconds could be 10 seconds. So essentially, the moment the money's in your account, it's your money.

Ran Cohen: What about chargebacks? Do you want to speak about security and fraud?

Matt Komorowski: Yeah, definitely. So again, we talked about this a little bit at the start, but there is no chargeback mechanism. There is no way of again, stealing a credit card number of buying credit card numbers on the online which we've all heard the stories of millions of cards being sold, you don't have that with bank accounts. You know, if your bank account is compromised, that is a completely different story than your somebody writing down the details of your credit card. So it happens it happens very rarely. And because of that, there's no there's no chargeback in place per se. So, you know, if once you accept the funds from a consumer funds or on your account, those are your funds. So you don't have that kind of fraud around bank payments.

Ran Cohen: Great. Yeah, it sounds reasonable. What can you say about the conversions?

Matt Komorowski: Yeah, conversions. So conversions are, I'd say on part or better for single transactions than they are with cards. Again, because of how quick and easy the experiences it's you have less consumer drop off at that point. Now, what one could argue is well, how does that compare? If you have a vaulted credit card token? Or tokenize? You know, if you have a card that's set up for recurring payments, well, yeah, definitely. I mean, those are, those are recurring payments, that's something completely different than you can't you need to compare apples to apples. There is today, essentially, no variable recurring payment method on open banking within Europe. I mean, there is a test going on in the UK with one bank. And that is something that will become available next year, most likely, it's kind of they're still working on how that's going to on the regulatory infrastructure around that. So today, open banking is for single use payments. But down the line, there will be a way to, to get to

Ran Cohen: The real capture part is not covered on online banking.

Matt Komorowski: It's not covered either. 

Ran Cohen: Yeah. But it's another use case for online banking, that currency interesting to see if it can be done correctly. And I think we can also measure quite easily, the impact of online banking in terms of recurring clients? Because in the end, it's very interesting to see if, if, because of the use of online banking, people come back to that, again, more than they come back to credit cards.

Matt Komorowski: Yeah, no, it's true. So again, when we look at our stats, I mean, we've got probably good at 80 85% of our users that have done, we're looking at it this year that have done a transaction, a first transaction with us this year have done, have continued transacting using open banking. Right. So it's once you essentially with consumers, once you try it keeps they keep using it. And that goes to the question. Okay, what kind of share of checkout can I expect with open banking and again, that's going to depend on the country, that's going to depend on the integration that you have on the user experience. But we have merchants who are seeing anywhere from 10, even up to 20 25%, of their share of checkout already going through open banking.

Ran Cohen: And listen, if I'm was a business and I'm running transactions and in different sizes, so transactions that are small, I might want to divert to maybe do all social credit card options, but transactions that are large, why would I pay that processing fees and just go through open banking and let them test. I think that the ability to play with, with when to show what on your checkout is super important if you want to optimize processing costs. We have some questions here. Let's check them out.

Matt Komorowski: Yeah, I see a bit of an open thing. Which is the question here is around, across separate region, there are countries that require a manual Iban to be entered by the user. Should these banks across these countries unify to one API? Definitely great. So this is this is going, I guess, 30 seconds to go down to the open banking, rabbit hole. So when PSD two was launched, the banks were essentially told that they need to issue an API and they are effectively not making any money on that API. So you have a number of banks that are doing it because they have to do it not because they want to do it or not because they believe that or because they're making any profit out of it. So there are banks that will make that user experience, not the greatest because they still prefer their consumers to be using credit cards because the banks are making money on that. So there are banks that will require a consumer to enter to manually enter their iban at the start of a open banking transaction. There are fewer and fewer of these. But that's still the case. And I think that, are there to answer your question, I do believe that there will be requirements to make this as user friendly for consumers going forward as possible. And again, it's not going to happen overnight. And there are countries where that's, you have more banks that have a worse user experience. And then you have countries where, banks provide a you know, a pretty seamless user experience, including, you know, showing a QR code on the desktop where you can simply scan it with your phone camera and you have a very smooth desktop to mobile redirect for transaction authentication. So it's still it's not fully unified across Europe, but it is it is heading in that direction.

Ran Cohen: Yeah, but then if you connect it to the, to how you integrated it into your website and the fact you opened it in the right countries under the right terms, business logic that you have and payment logic and made it all automated, so you don't need to do anything for it to happen actually. So that's where the you don't lose the users on the payment flow. And that's where you show the right solution to the right user that has a the highest capability of using it. . What about languages?

Matt Komorowski: So languages, we support all European languages. So essentially, at checkout a based on IP, we simply show the bank selection based on the user's IP address, but they can change the country they can change the language at which it's in which is displayed. And then once you go into your bank, it's simply defaults to your default bank language settings.

Ran Cohen: Okay. Let's move on with our slides. So, Volt and Bridger. I think I'll start by saying that in Bridger, we're connecting payment methods and providers and we're always looking to find those solutions that have the good and amazing user experience for merchants to use and connect very easily. One of the most important things in adding an online banking solution into your checkout is the ability to edit fast without thinking a lot with added volt into Bridger and every one of our merchants can just now connect you guys alone into his checkout just by clicking is processing account within Bridger and that's it so it's already going to be in his checkout and enable him to connect in to the routes build all the payment logic and rules according to where he wants to show volt and on which conditions and which transactions and which teams and which basically a full engine that allows the our businesses to manipulate and change whatever they want in terms of their processors and methods. And we also have it obviously in every one of our plugins so it can be connected now to restore that work with shop with at work with Bridger in every one of our plugins so yeah, we have a good reach now and hope to see more and more clients using volt.

Matt Komorowski: I think the that's key what you mentioned and getting up and running with an account with volt is it's pretty straightforward and standard in terms of connecting with the new payment provider. So it's very quick and smooth. And you know, the integration that we have with Bridger pay it does exactly that. Right. It removes kind of the hardest part of actually getting up and running is how do you actually make sure that you provide a satisfying seamless experience to your to your consumers? How can you actually test it to see where it's working for you where it's, you know, better or worse? And how do you actually just, you know, develop and implement that logic that you're talking about and with this cooperation, it's seamless to do so.

Ran Cohen: Yeah, what can you say more about like the type of merchants and then really more a bit about the process of opening account with you guys and what does it mean? 

Matt Komorowski: Yeah, so the process of opening an account is you open an account directly with Volt so you can either if you already work with Bridger pay in contact your account manager or you can reach out to volts directly, they can pop an address into the chat afterwards to be able to contact us. And essentially we understand a bit about your business where you're looking to, to operate. We simply do typical onboarding of the merchants collecting some basic documents, getting a commercial turns out to you and then you're up and running. We'll do a a training session with you and with your, with your payments team to explain exactly how everything works and what to look out for. Get you in touch with people on our site who can answer questions whenever they whenever they come up. And you're up and running.

Ran Cohen: And the thing about regions or companies from regionals that you want except to this point.

Matt Komorowski: I mean, we won't work with obviously companies from sanctioned countries. I think that's kind of one obvious one. Then in terms of verticals, I mean, we pretty much work with most verticals that are pretty much all your all your mainstream verticals will work with, and then the ones that require licenses, I mean, we'll be a little selective about that we'll do we'll dive a little bit deeper into what that business is and how that operates. I mean, obviously, things that are illegal that have to do with firearms or any of these kinds of things like that's definitely not something that we would entertain. 

Ran Cohen: Okay. Arthur is asking us, if it's how to have tier one tier two merchants to use the solution that you would expect to have to be mastered in the future from Bridger side, I can say that our biggest client and merchants, if it's airlines and travel agencies and booking engines and big retailers, they all ask us to add online banking as part of the solutions there, so it's coming from them actually not from us. I think the consumers are the ones that are pushing to get more and more solutions that they want to pay with. So from my eyes, on how I say it, it's not something that we see big, large enterprise merchants needs us to push to, they push us more to connect as fast as possible.

Matt Komorowski: Yeah, I completely agree. And I think if you look at merchants, you can really split them into two very broad categories. And one is the ones that have traditionally offered some sort some form of bank transfer ability in the past. And that was usually kind of the very manual, disconnected process of showing the bank account details or a consumer that needs to log into their account, type in the information, try to get the account number, right, try to get the reference number, right, try to do everything and not forget to do that bank transfer. Right. So you've got those. And then you have the ones that simply said, No, we're not going to provide that awful experience to our consumers, we want to make sure that we provide a very seamless and quick to consumer checkout. And today with open banking, you're actually able to address both of those groups of merchants. Because the ones that were traditionally offering this very disconnected bank transfer method are now saying, Wow, I can actually have this as good as if not better than a credit card checkout. Oh, yeah. And it's cheaper. Oh, yeah. And I get my money faster. And I don't have a risk of a chargeback. Right. And you have the second group, which wasn't doing that. And they were paying the high card fees for that convenience, which now we're saying, well, wow, I can actually provide, again, the same checkout experience if or better. And again, have it at a lower cost and have my money faster. So it's both right now that are tapping into it, and essentially testing and offering it to their, to their consumers. And again, it's a matter of consumer adoption. And from what again, we're seeing is once consumers start using it, they continue using it.

Ran Cohen: Yeah. They start building an audience, that of users, they connect to the last question format that will take no. So yeah, to help merchants educate clients to pay with their banks, I think that it's a very big part of how you show those banks. If you show, for example, in Volt, I'm guessing that you can show also the banks that you have, then each one of the countries. So it very much help to someone to see their own local bank, in that logo that I just can press and continue my payment with. So it's all about a matter of presentation and how you edit it into the checkout. And if you're trying to push it more in specific countries, then how is those how is the checkout built in those countries what is first, what is second, what is the primer, so payment method that you are using, and that's what you want to play with in terms of checkout to help those consumers in the end pay with the payment method you want them to pay.

Matt Komorowski: Exactly, exactly right.

Ran Cohen: Seems like I'm the only appreciate the questions. The questions, I feel Yeah, it's good to have. And yeah, I think if there is any other questions for anyone else we'll be happy to answer as well. Definitely online banking is here to stay in the solution that we grow and evolve in different countries. The challenge of businesses of adding it can become easier today with this combination we did with the Bridger and volt. And we're happy to show it to everyone who wants to see what we did with vault and how the integration looks like. Thank you very much, Matt, for joining us today.

Matt Komorowski: Thanks for having me. It's been a pleasure. I think if there's any more questions about volt or open banking and definitely, contact grand contact your account manager at Bridger pay, I'll pop my email address into the chat in the moment. So if anybody wants to reach out to me to ask more questions, please do so if you're interested to get in touch, we're happy to to connect you and talk a bit more in terms of how we can actually get you get you up and running or go into a bit more details about the some of the features that we have.

Ran Cohen: Right. So thank you guys, let's see if we have something else here. Yeah, great. So Matt, that's your email. And yeah, I think we say goodbye for now, we have another event soon about Brexit and the way to process together with the changes that it that it comes with. So I think online banking is, again, one of the ways to solve it. And avoid this, non-domestic challenges anymore. But yes, we'll be happy to see you in our next events. And thank you for joining us. You have a question here from someone.

Matt Komorowski: I think on the Brexit one, I think I'll just add that, again, open banking is something that will be solving kind of the higher transaction costs that are related to Brexit because you don't have that in open banking, you can within Europe or within the, between UK and Europe, again, we can process open banking payments. So once again, a way of making sure that you're saving those costs, you're not passing them on to your consumers.

Ran Cohen: Yeah. So like I said, solution to stay. It's solving. It solves a lot of problem for merchants and it will be used more and more. We see it in different countries in the split displays. So great stuff. Thank you very much, man. Thank you for joining us and giving us these insights. Happy to learn more about online banking and happy to connect you guys to Bridger and hope to see more business together with you guys.

Matt Komorowski: Definitely looking forward to it as well. Thank you and thanks everyone on the call. 

Ran Cohen: Thank you guys. Bye bye.

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