Designed to provide instant and straightforward payments via Open Banking infrastructure, WollettePay aims to address existing challenges with current solutions that often involve multiple steps and do not always meet expectations for speed or user experience.
The new platform allows users to make direct bank-to-bank payments without needing to input card details or undergo redirects. To enhance security, payments are authenticated through biometric verification and secured by tokenization and encryption techniques. These measures aim to simplify transactions while ensuring they remain secure.
Integration and cost reduction
WollettePay integrates payment capabilities with various operational systems like accounting, inventory management, and supplier support, all part of the company’s portfolio of commerce tools. According to officials, this integration is intended to help businesses reduce processing fees, optimize operations, and utilize transactional data for customer engagement.
Available through pre-built APIs and SDKs, WollettePay supports both online and in-person transactions across different merchant environments, including enterprise, retail, and digital platforms. The company claims that by directly linking merchants with banks, the system can simplify transactions and enhance efficiency.
Company representatives believe that payment systems should be immediate, intuitive, and cost-effective. They see this launch as a step towards aligning Open Banking capabilities with the ease of use typically associated with card networks.