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

What we covered

Ran Cohen and Matt Komorowski led a detailed session on the rise and advantages of open banking. Matt explained how open banking lets users initiate payments or share financial data directly from their bank accounts through APIs. He emphasized that open banking is not just a European concept but a global movement, with active implementations in over 50 countries. They discussed the security and simplicity of open banking payments compared to traditional card payments. Unlike credit cards, there are no chargebacks and fewer fraud risks. Settlements are much faster, especially in countries with instant payment rails like Brazil and the UK.

Matt outlined that the consumer experience is smoother with three quick steps to complete a transaction. They also highlighted cost efficiency, as open banking significantly lowers processing fees. Ran explained how BridgerPay integrates Volt with one click, enabling merchants to offer open banking instantly through their checkout. The session stressed how businesses can test, localize, and automate open banking through Bridger's dashboard. They discussed merchant use cases across Europe, Asia, and Latin America. Matt clarified how Volt supports multiple verticals and languages. They addressed concerns around IBAN entry and how regulation is evolving to improve UX. Finally, they encouraged merchants to adopt open banking as a reliable, secure, and cost-saving payment method.