Banking Connect

Banking Connect is an interoperable payment system designed to transform online merchant payments. It addresses current challenges of fragmented integrations, non-standardized 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-standardized error codes for Pas.

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

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

Sign up with NBBL to participate in Banking Connect.

2

Complete the onboarding process as per guidelines.

3

Start integrating and go live to enable payments.