Payment processing and banking consultancy BB Merchant Services launches a new partnership with Ordo, focused on reducing merchant costs and driving innovation with Open Banking.
As businesses face increasing challenges with rising payment processing costs, maintaining margins, service standards, and fraud prevention, this partnership offers a compelling alternative. The solution, Pay by Bank, uses real-time bank transfers to bypass intermediaries, cutting fees and ensuring secure, instant fund settlement.
For payers, the process is equally straightforward. They select their bank at checkout and authorise the transaction via Strong Customer Authentication. There’s no need to enter card details, sort codes, or account numbers, and no app downloads are required—just a quick, secure payment process.
This collaboration not only enhances efficiency but also modernises the traditional payment process, helping businesses stay competitive and adapt to rapid technological advancements.
BB Merchant Services, in conjunction with Ordo, provides a cost-effective payment benchmarking solution that identifies and eliminates unfair card fees and offers a secure, streamlined experience.
With Open Banking adoption accelerating—reaching over 11.32 million users and a 23.9% increase in Variable Recurring Payments (VRP) transactions in July 20241—this collaboration comes at the perfect time. The partnership also includes comprehensive support, such as education, integration assistance, and a strong focus on security, ensuring a smooth transition to these advanced payment solutions.
“Our goal is to demonstrate that Open Banking is a strategic asset,” said Fliss Berridge, Director and Co-founder of Ordo. “Partnering with BB Merchant Services enables us to help businesses leverage Open Banking to achieve significant cost reductions in payment processing, while also benefiting from enhanced security and efficiency.”
“Through this partnership, we are continuing to expand ways we can help our clients to lower payment processing costs and access a more efficient, customer-friendly payment solution,” added James Yerkess, Head of Marketing. “It’s about staying competitive and leveraging innovation in the marketplace to reduce unfair payment processing costs in today’s fast-paced market.”
The Ordo-BB Merchant Services alliance is set to redefine payment services by empowering merchants to harness the full potential of Open Banking. This partnership not only cuts payment processing costs and boosts efficiency but also enhances payment experiences, ensuring businesses remain at the forefront of an ever-evolving marketplace.
References:
1 Open Banking Limited (OBL). (09 September2024). "CMA Confirms Full Completion of Open Banking Roadmap: Unlocking a New Era of Financial Innovation." Available at:
https://www.openbanking.org.uk/news/cma-confirms-full-completion-of-open-banking-roadmapunlocking-a-new-era-of-financial-innovation/