VibePay champions open banking as it adds more account visibility to app

Payments app VibePay has taken a step closer to becoming a one-stop-shop for payments, combining its Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) capabilities on its app for the first time. 

As an AISP, VibePay has been granted the ability to retrieve account data from other banks and financial institutions and as a PISP the fintech is able to make payments into or out of a person’s account.

From today, VibePay users can connect all their bank accounts in its app, giving them the ability to see all their transactions, balances and make payments in one place regardless of who they bank with.

Luke Massie, CEO of VibePay, said: “For the first time on the app we are making use of AISP and bringing this technology alongside our payments functionality. This is a significant step on our mission to drive the adoption of Open Banking and an example of how our work is bringing this technology to life, whilst delivering tangible benefits to consumers.”

“We’ve seen China and the US lead the way with WeChat and CashApp, yet consumers in Europe are still using outdated methods of logging into multiple accounts to view balances and make transactions. We have been crying out for similar super apps which extend into our everyday lives;  VibePay is Europe’s answer to this.”

In the VibePay app, users will now be able to connect their other bank accounts, receive push notifications about important transactions, including salaries and payments from family and friends and monitor and control direct debits.

This new feature will allow VibePay customers to have a complete view of their finances all in one place, without having to leave the VibePay app.

Earlier this year, the payments app launched an open banking-powered business dashboard, enabling SMEs to get a better picture of their business, allowing them to activate instant account to account payments with customers, view transactions and access financial data.