Name of the product or service

Open Banking PIS and AIS Solutions

Votes: 23

Product or service description

Ivy is a platform for open banking payments. We help international companies to accept real-time payments without cards and wallets. This significantly reduces transaction costs and speeds up settlement and has no chargeback risk.

Over 60 geographies are currently rolling out infrastructure for open banking and instant payments. However, these are regional and fragmented. Ivy makes them usable for eCommerce businesses via a single point of access with one technical interface and a single contract.

Ivy is a network of networks for instant bank payments, bringing together globally fragmented instant bank payment connectivity to one single API. We route transactions using all major instant bank payment rails, always prefer the best converting one across dozens of underlying bank connectivity providers. Ivy’s ML-powered Smart Routing Engine (SRE) selects the optimal local open banking provider for each transaction in real time. This built-in redundancy and intrinsic provider competition in our network delivers higher availability, coverage, and conversion within one single gateway.

Ivy additionally serves for AIS use cases that are relevant for marketplaces and e-commerce retailers. In these cases we typically also provide payouts, but it can also be used decoupled from each other.

"Buyer Incentivisation Suite", which can be adjusted on merchant level. Merchants can offer direct cash rewards to the buyer on any payment or one of Ivy's incorporated (but optional) social or environmental responsibility projects like Viva con Agua or Ecosia for every single payment. "Express Checkout", every step counts when it comes to conversion rate and losing end-consumers along the way. This is why we created out express checkout, where the consumer does not have to go to the merchants checkout, but does everything already on the PDP or basket and checks out faster and more efficiently.

Distinction from the competition

Whitelabel Dominance in Open Banking: Our firm conviction rests on the premise that only whitelabel solutions possess the inherent capability to compete effectively and deliver optimal services in the realm of Open Banking. In contrast, branded solutions, often labeled as 'legacy' players, aspire to establish a global end consumer brand. However, this pursuit not only incurs substantial marketing costs, better invested in service development, but also proves to be a noble yet unattainable objective. In the landscape of Open Banking, brands do not draw additional customers to a merchant's website, given the absence of user registration or dedicated wallets that signify ownership. The role of brands is confined to instilling trust and security in Open Banking usage. However, this trust is inherently vested in the buyer's respective bank logo, rendering additional branding redundant. Buyers place their trust in their banks when it comes to managing their finances, and during the checkout process, the bank logo is the only symbol they seek assurance from, leaving no room for anything else. The Network of Networks Approach: Recognizing the evolving dynamics of Open Banking, where multiple contenders compete for connectivity with banks across diverse geographies, Ivy adopts a distinctive stance. Positioned as a "network of networks," Ivy operates as a flexible payment rail, integrating seamlessly with local banks while ensuring redundancy. This approach mirrors the infrastructure of credit cards, historically reliant on local payment rails for optimal conversion and success rates. Smart Routing Engine Ivy routes transactions using all major instant bank payment rails, always preferring the best converting one across dozens of underlying bank connectivity providers. Ivy’s ML-powered Smart Routing Engine (SRE) selects the optimal local open banking provider for each transaction in real time.

Product or service innovations

Ivy offers a product called "Ivy on File" which combines AIS, PIS and variable recurring payments with a seamless debit mandate generation. Ivy On File enables merchants to collect frictionless, low-risk Direct Debit Payments, for subscriptions and more. The combination of (in sequence of customer experience) AIS risk scoring and identity verification with a first PIS pushed payment and parallel Direct Debit mandate setups for future recurring billing plus subsequent immediate payout possibilities are the holy grail of Open Banking payments. All of this can happen simultaneously with one simple login to the customer's bank account.

Customer case study

NPS Case Study: https://drive.google.com/file/d/1PRxCHHuYYcehI1xH8xgvCd_WCcOPTTQy/view?usp=sharing Client Case Study: https://drive.google.com/file/d/13MSKGZhmhJQZWLmCWXTE2rc5zd0QtKrl/view?usp=sharing

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