Quidkey is the one stop A2A payment solution. With a single integration, merchants anywhere can now accept borderless A2A payments from customers across the EU, UK, and US with built in FX, refunds, and settlement. Quidkey transforms the open banking networks from providers like Tink, Token, and Plaid into merchant-ready solutions to deliver higher conversion, wider coverage, and a simpler integration
Open banking players like Tink, TrueLayer, Token, Yapily, Plaid and others focus on infrastructure, while Quidkey translates that into value-add services merchants can actually use. The table shows how the two roles differ and complement each other.
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.
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.
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.
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.
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.