Open Banking Payments Explained: Faster, Cheaper Transfers

Open Banking is transforming how UK consumers pay for money transfers. Instead of card payments (which carry processing fees), Open Banking lets you pay directly from your bank account — instantly and securely.

How It Works

When you choose to pay via bank transfer on LanovaPay, we use Open Banking to initiate a secure payment directly from your bank. You authenticate with your banking app, and the money arrives in our account within seconds.

Benefits

• No card processing fees
• Instant payment confirmation
• Bank-level security
• No need to share card details