Quidkey and TransferMate drive down card costs for merchants

October 9, 2025

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5 min read

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Founded in early 2023, Quidkey has quickly established itself as a trusted provider of next-generation A2A payments. Leveraging AI-powered bank prediction, instant settlement, and a streamlined user experience, Quidkeyenables merchants to lower transaction fees and improve checkout efficiency. Its growth in the UK and EU is now being accelerated into North America, supported by TransferMate.“At Quidkey, we believe account-to-account payments are the future of commerce,” said Rob Zeko Co-Founder & CEO of Quidkey. “TransferMate allows us to bring that future to merchants and consumers on a global scale. By combining Open Banking innovation with TransferMate’s regulatory reach and trusted infrastructure, we’re creating a payments model that is faster, fairer, and built for growth.

For merchants, the solution means a reduced dependency on expensive credit card processing, faster settlement cycles, and the ability to expand into new regions with confidence. For consumers, it means a seamless checkout experience with reduced fraud and lower embedded costs, whether they’re paying locally or cross-border.“Merchants want lower fees and faster settlement. Together with Quidkey, we’ll deliver both,

said Gary Conroy, CEO of TransferMate.

The result will be materially lower costs than traditional card processing, quicker access to funds,and a smoother experience for merchants and consumers in every market Quidkey serves now, and where they expand to in the future.

The Open Banking market is forecast to grow from $35 billion in 2025 to $94 billion by 2029 and $180 billion by 2032. With Quidkey’s next-gen payments innovation and TransferMate’s largest fintech payments infrastructure in the world, this positions both companies to lead in a rapidly expanding sector.

About TransferMate

TransferMate is a leading provider of embedded B2B payments technology, helping companies, software providers & financial institutions to streamline their global receivables, payments, & local account needs. TransferMate owns the largest E-Money / payment license network of any fintech, regulated in 92 jurisdictions and owning 100 licenses.

About Quidkey

Quidkey is on a mission to become the merchant-facing clearing abstraction layer, enabling borderless A2A checkouts that drive personalisation, boost conversion, enhance security, and build on existing customer-bank trust. We simplify today’s fragmented payment mix (cards/wallets), enable tomorrow’s open banking corridors, and prepare for the future of tokenised money—capturing the $2.6tn and growing global e-commerce payments opportunity.Our approach creates value across the ecosystem:

Consumers enjoy frictionless, bank-authenticated payments with protections.
Merchants save on processing costs, increase conversions, and reduce fraud/chargebacks.
Banks strengthen customer primacy and democratise access to their products at checkout.

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Frequently Asked Questions

Which UK banks support open banking?

All major UK banks are required by law to support open banking. This includes the CMA9, a group made up of Barclays, HSBC, Lloyds, NatWest, Santander, Nationwide, Bank of Ireland, Danske Bank, and AIB. Many other banks and building societies have also implemented open banking APIs, making it available to the vast majority of UK consumers and businesses.

Is open banking safe in the UK?

Yes, open banking in the UK is regulated and secure. Only authorised third parties regulated by the Financial Conduct Authority (FCA) can access open banking data or initiate payments. Customers must give explicit consent, and every transaction uses Strong Customer Authentication (SCA), typically via biometric login or two-factor authentication. Data is encrypted and protected under strict GDPR and FCA standards.

What are the open banking transaction limits in the UK?

Transaction limits for open banking payments depend on the customer’s bank and the type of account. Most personal accounts allow payments up to £10,000 per transaction, with some banks supporting higher limits. Business accounts can often process significantly larger payments. However, some banks may impose daily or per-session caps to protect against fraud. These limits are gradually increasing as adoption grows and infrastructure matures.

What are the benefits of open banking for ecommerce in the UK?

Open banking offers ecommerce businesses faster, cheaper, and safer payments. It reduces transaction costs by cutting out card networks and other intermediaries. Payments typically settle instantly via Faster Payments, improving float and cash flow. Because transactions are initiated and authenticated through the customer’s bank, there is no card data to steal, and chargebacks are eliminated. This leads to lower fraud risk and fewer abandoned carts, especially on mobile. With a well-implemented pay-by-bank flow like Quidkey’s, merchants also see improved conversion and greater control over the checkout experience.

Does open banking provide payment protections?

Irrespective of the payment method, most merchants offer refunds or buyer protections via their respective terms and conditions and the same applies to open banking payments. Fraudulent card usage, CNP (card not present) or friendly fraud is not applicable to open banking as account-to-account transfers are directly authenticated via the customer’s bank app and require SCA (strong customer authentication). Further, generally applicable consumer protection laws like the Consumer Rights Act 2015 offer strong statutory rights and protect consumers beyond payments issues, providing consumers with return rights, product safety, delivery guarantees, and the ability to cancel, complain and get refunds. Additionally, platforms like Amazon, ebay, Shopify provide commercial protections beyond those required by law, such as 30-day return policies, ‘A-to-Z’ guarantee, and money back guarantees for non-delivery.