Open Banking Payments
Open Banking encompasses both Payments, and Account Information which are authorised in the same manner.
Proofenance understands that the idea of allowing access to personal bank accounts can be scary—especially in the modern age of identity fraud. Rest assured, Proofenance cannot access your bank accounts, and nor can the merchant. Furthermore, nothing about your payment bank account is shared with Proofenance or the merchant.
Why is this happening?
The merchant tells Proofenance the amount to charge, and Proofenance asks your bank via our TPP Trilo to prepare a Faster Payment with Proofenance as the recipient. The bank replies with a magic web link which takes a user to this payment. No bank details ever need to be communicated.
Your phone is the only place where this link is shown. When the link is opened, your phone will automatically open your bank app and let you view, and authorise, the payment.
At no point during payment can the merchant, Proofenance, or Trilo, see your account details or access any part of your online banking.
