November 30, 2022

Fintech Zoom

Open banking shows promise in addressing UK direct debit failure crisis

Due to economic crisis pressures, the failure of Direct Debits is real and growing. Businesses should use this KPI to understand cashflow impacts and as a use case for offering new and different ways for customers to pay. Open banking channels could be an answer, helping companies recover failed DDs without high bank fees and without fracturing the customer relationships.

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