Split Payments (Reducing direct debit dishonours with Open Banking)

Split Payments (Reducing direct debit dishonours with Open Banking)
Description:

Split Payments uses Open Banking to improve the process of merchants accepting payments through direct debits. The company utilises Account Information Services to check account balances beforehand.

This reduces payment dishonours (20% of direct debit payments fail when balance information is not checked in advance, according to 2016 stats by the Reserve Bank of Australia).

Phase:
Live
Industry:
Payments
Niche:
Direct debits