Banking Connect

Banking Connect is an interoperable payment system designed to transform online merchant payments. It addresses current challenges of fragmented integrations, non-standardised settlements, and dispute resolution by enabling a single integration between Banks and Payment Aggregators (PAs). Banking Connect builds on this foundation by introducing a single integration model for banks and payment aggregators, eliminating multiple point-to-point connections.

Pain-points Addressed

  • Lack of Interoperability

    Multiple one-to-one integrations between banks and payment aggregators for online merchant transactions.

  • Poor customer journeys

    Customer friction as transactions require input of complex customer ID and passwords.

  • Non-standardized settlement process

    Delays and high settlement risks given varying processes by banks, taking 1–5 days to settle the funds.

  • Dispute management inconsistencies

    Delays in failed transaction resolution due to lack of transparency and inconsistent processes.

  • Other operational challenges

    Elongated merchant onboarding process (1-1 with each bank), non-standardised error codes for Pas.

Diagram comparing the current internet banking workflow with the proposed Banking Connect structure, showing how a centralized NBBL platform reduces multiple bank and payment aggregator integrations to a single interoperable connection, enabling simpler integration, same-day settlement, standardized error handling, and enhanced security.

Banking Connect Structure

Current Internet Banking workflow has multiple integrations between banks and PAs. The proposed Banking connect structure simplifies these integrations.

  • Single Integration for Banks & PAs
  • Interoperability across ecosystem participants
  • Same-Day Settlement
  • Standardized Error Codes
  • API-based Merchant Onboarding
  • Enhanced Security & Compliance

Benefits

  • Biometric-based payments also enabled

  • Frictionless payment process – no need to remember username/password

  • Higher transaction completion rates, lower drop off

How to get started?

  1. 1

    Sign up with NBBL to participate in Banking Connect.

  2. 2

    Complete the onboarding process as per guidelines.

  3. 3

    Start integrating and go live to enable payments.