Our Open Banking Payment Methods for the UK ????

It’s exciting to start the year by announcing our three providers for our Bank_App, UpGate 's open banking solution! Say hello to GlobalCharge , TrueLayer , and Volt.io which are integrated into our platform for seamless open banking payments in the UK.

Meet Our New Providers:

? Global Charge: GlobalCharge is a UK-based open banking payments provider that enables online merchants to access next-generation payment solutions. Their platform facilitates direct bank-to-bank transactions, resulting in higher success rates and instant settlements.

? TrueLayer: TrueLayer is a leading open banking payments network that connects banks, consumers, and businesses across the UK and Europe. Their platform enables real-time bank payments, data access, and identity verification through robust APIs, facilitating instant and secure transactions for businesses of all sizes.?

?Volt: the new leader in real-time payments. Their next-generation payment network unites domestic schemes to a single harmonized standard. Global, instant, and interoperable, it’s driving the shift to an era where real-time is the only time.

Open Banking in the UK

Open banking is revolutionizing the payments industry by enabling faster, more secure, and more transparent transactions. The UK is at the forefront of this transformation:

• Over?10 million users in the UK?actively benefit from open banking services. As of January 2024, over 10 million consumers and small businesses were using open banking technology in the UK.?
• Open banking payments?grew by 69% year over year: In January 2024, the number of open banking payments reached a record high of 14.5 million, representing a 69% year-over-year growth.?
• Open banking transactions are projected to reach $82 billion annually by 2027: The value of open banking transactions in the UK is forecast to increase from $13.6 billion in 2023 to $82 billion in 2027.?
• One key benefit of Open Banking is its ability to reduce chargeback rates compared to traditional card payments significantly. Open Banking facilitates direct account-to-account transactions, eliminating intermediaries like card networks.

UK consumers are leveraging open banking for a variety of purposes. According to a Mastercard survey conducted in 2024, the top three use cases are:?

• Sending or paying money to friends, family, and businesses (72%): Open banking facilitates seamless bank account-to-account payments in the UK, making sending and receiving money easier than ever.?

• Paying bills (66%): Automating bill payments through open banking platforms simplifies financial management and ensures timely payments.?

• Banking services (66%): Open banking enhances the user experience by providing efficient and accessible banking solutions.?

At UpGate, we’re committed to empowering merchants with the latest payment innovations. With Bank_App and our expanding network of integrations, you can unlock new possibilities for global user monetization.

?? Ready to explore the future of payments with open banking? Let’s talk!

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