Over half of all B2B payments are still made by bank transfer or cheque. How can payment platforms harness open banking to deliver a seamless B2B payments experience?

This year has been a rollercoaster of lockdowns and restrictions. Businesses have suffered significantly, but online businesses have thrived. UK non-store sales rose by 102.6% in June, according to data from BDO’s High Street Sales Tracker (HSST). As expected July and August also saw a large increase of 81.6% and 72.4% in non-store sales year on year.

Simply put, a reverse payment in Open Banking is a secondary payment to the original payer for the same monetary amount, effectively ‘refunding’ the original payment.