United States-based bank payments processing API provider Wafi has launched Wafi.cash to help merchants with Open Banking payments processing on ecommerce platforms.
Wafi believes that a smooth and continuous payment processing system is most important for the global commerce market. The company states that, while there has been significant progress made in helping people pay for goods and services everywhere, payment processing is still not great. Identity theft, poor user experience, fraud, and high processing fees continue to affect businesses and their customers.
Wafi announced its new payment processing platform, Wafi.cash, to provide reportedly simple APIs for bank payment processing in a better way. According to the official press release, Wafi cuts down redundant entities from payment processing, which in turn reduces associated fees reportedly tenfold.
Wafi recounts that during the past years, consumer behaviours shifted to cards over cash in both online and offlinie activities. Reportedly, debit card usage increased by 23% in 2021. The press release states that Wafi.cash provides the following benefits:
Real-time payments: the platform provides access to Real-Time Payment (RTP) rails which reportedly allow bank payments to be settled in seconds instead of days. Wafi’s API and webhook allow customers to send Real-Time Payments (RTP) requests and receive settlement responses in real time.
Open Banking access. Open Banking enables trusted third-party financial services (like Wafi) to access consumer bank data in order to process payments. By plugging into the Wafi.cash platform, customers can reportedly leverage this system to increase payment reliability and reduce fraud.
Security and Convenience: The new platform reportedly has built-in security and convenience as core principles. Wafi states that Wafi.cash is built with bank-grade encryption to protect data at rest and in transit. The company also deployed a smart multi-factor authentication (2FA) system that allows users to pay securely with a single click.
Customer Loyalty: Wafi’s Checkout feature seeks to connect payment processing and loyalty by enabling merchants to set loyalty programmes (with zero code) to enable customers to make repeat purchases and become loyal users.
Wafi.cash, an API platform with 3 products
The press announcement mentions that the new API contains three products:
Wafi Checkout. This product is meant to enable ecommerce businesses to accept bank payments in a reportedly fast, secure, and cost-effective way. When users pay with Wafi at checkout, merchants can save 50% or more in payment processing fees and users earn up to 0.75% cash back every time, the press release states.
Wafi Pay. This feature allows merchants to send and receive bank payments. According to the company, Wafi automatically optimises payments for speed, risk, and cost. This product enables merchants to build their own unique bank payment experiences powered by Wafi.
Wafi Connect. Through Connect, merchants are enabled to get their customer’s verified bank account information in order to confidently process their payments.