VoPay Launches Open Banking Payment Solution to Address Canada’s Business Payment Inefficiency Gap

VoPay, a leader in payment innovation, announced today their solution which offers a set of tools and APIs that instantly enable Canadian online businesses to accept and manage payments directly from any bank account. The solution empowers consumers to pay for goods and services online and on-the-go directly from their bank account with the added benefit of bank-level data security and privacy. VoPay’s solution is currently being offered to clients of major Canadian financial institutions, including Bank of Montreal.

According to a report from Ernst and Young LLP (EY) and Payments Canada, Canadian businesses are currently spending up to $5 billion on processing payments due to challenges in the industry that arise from a lack of transparency and available data on payments processing. These payment processing pain points are eating away at potential savings which are impacting bottom lines and leading 80% of small businesses to call for more payment options.

VoPay has introduced a payment technology solution to enhance how businesses initiate and accept financial transactions and resolve key payment uncertainties by validating and authenticating bank account information and financial data instantly at the time of the transaction. This solution addresses industry challenges and helps businesses to process payments more efficiently through facilitating direct bank account payments. For many business owners, reducing costs by 2.5-3% is significant and VoPay acknowledges this by offering Canadian businesses a solution with a cost that is 80%-90% lower than traditional credit card fees.

“We are pleased to officially announce our solution that enables businesses to add direct bank payments as an option for their customers,” says Hamed Arbabi, Chief Executive Officer at VoPay. “Using our set of tools and open APIs online businesses can eliminate payment inefficiencies and accept and manage payments directly, allowing them to focus on what they do best.”

VoPay’s automated account-to-account solution facilitates consumers to make online payments without handling credit cards, view bank account information before and after transactions and benefit from bank-level security and data protection. VoPay’s solution is currently available and can be integrated into businesses through vopay.com.