RemitONE teams up with Volume to expand Open Banking payment capabilities

Transaction Settlement Time

2.5 seconds

The time it takes for transactions to settle using Open Banking payments.

Conversion Rate Increase

up to 250%

The potential increase in conversion rates with Open Banking payments compared to traditional methods.

Payment Fee Reduction

up to three times

The potential reduction in payment fees when using Open Banking compared to card-based methods.

§ 01 Executive Snapshot

What: RemitONE partners with Volume to enhance Open Banking payment capabilities.
Who: RemitONE, Volume.
Why it matters: This partnership enables faster, cost-effective cross-border transfers, addressing rising card processing fees and improving customer experience.

The integration allows RemitONE clients to offer secure account-to-account payments directly from banking apps.
Transactions can settle in as little as 2.5 seconds, significantly improving the speed of cross-border payments.
Open Banking payments can increase conversion rates by up to 250% and reduce payment fees by up to three times compared to traditional card-based methods.

Open Banking is emerging as a viable alternative to traditional payment methods, driven by the need for lower costs and improved customer experiences in the remittance sector.
The partnership highlights a trend towards integrating advanced payment solutions within existing financial ecosystems, simplifying access for businesses.

The immediate consequence for the market is the potential for RemitONE's clients to significantly reduce payment processing costs and improve transaction success rates.
Long-term, this integration could lead to a shift in payment preferences among remittance providers, fostering greater adoption of Open Banking solutions.

Potential regulatory challenges related to Open Banking implementation could hinder widespread adoption.
Competition from traditional card networks and other fintech solutions may impact the growth of Open Banking payments.

Upcoming milestones include the rollout of additional integrations enhancing RemitONE's service offerings and client capabilities.
Success indicators will include measurable improvements in transaction success rates and client adoption of Open Banking features in their payment processes.

§ 07

What is the purpose of the partnership between RemitONE and Volume?

The partnership aims to enhance Open Banking payment capabilities, enabling faster and cost-effective cross-border transfers.

How quickly can transactions settle with the new integration?

Transactions can settle in as little as 2.5 seconds, significantly improving the speed of cross-border payments.

Why is Open Banking becoming popular in the remittance sector?

Open Banking is emerging as a viable alternative to traditional payment methods due to the need for lower costs and improved customer experiences.