S2 Ep55 Shaun Vanderkaap: Is Open Banking the future of online payments?

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Join Shaun Vanderkaap, head of commercial for Link Money, on the future of online payments through open banking. Open banking enables consumers to pay directly from their bank accounts, offering benefits like reduced costs for merchants, lower churn rates, and decreased fraud risks.
Some topics we discuss:
📈 Shaun Vanderkaap brings over a decade of experience in the payment sector, emphasizing the growth of open banking payments in the U.S.
🏦 Link Money introduces a secure and efficient open banking payment method, allowing instant transactions and reducing e-commerce lag associated with traditional ACH transfers.
💳 Open banking provides a seamless payment alternative to credit cards, enabling subscriptions and offering cost savings for merchants.
🔄 The system offers higher approval rates and lower churn for subscriptions, benefiting both consumers and merchants.
🛍️ For consumers, the process involves a one-time bank account link, simplifying future transactions and enhancing security.
💡 Shaun discusses incentives for consumers to switch to bank payments, including potential discounts and rewards.
🔒 Open banking ensures robust security, utilizing bank-grade authentication methods and reducing fraud compared to credit card transactions.