Real-Time
Account-to-Account Payments Across Europe
Accept real-time bank payments across Europe with direct account-to-account settlement.
Open Banking payments, also known as account to account or A2A payments, enable merchants to receive funds directly from their customers’ bank accounts through secure PSD2-compliant authentication. This regulated payment method provides a cost efficient and secure alternative to traditional card-based transactions.
What is Open Banking
Open Banking is a PSD2 regulated payment framework that enables secure account-to-account payments directly between bank accounts without card networks.
With DIMOCO, merchants can initiate Open Banking payments that customers authenticate within their online banking environment. Confirmation is received in real-time and funds move directly from bank to bank.
For merchants, this means:
Direct bank authentication
Reduced scheme dependency
Real-time
confirmation
Strong Customer Authentication compliance
Why Merchants Choose Open Banking
Open Banking directly impacts payment performance, cost structure, and operational resilience.
Reduce Chargeback Exposure
Authenticated bank transactions significantly lower traditional card chargeback risk.
Instant
Settlement
Real-time confirmation supports faster access to funds and improved liquidity management.
Lower Transaction Costs
Reducing reliance on card schemes can create a more efficient processing structure.
Strengthen Payment Security
Transactions are authenticated within the customer’s trusted banking environment under PSD2 and Strong Customer Authentication requirements.
How Open Banking Payments Work
Customer selects Open Banking at checkout
The payment method appears alongside other supported options.
Secure bank authentication
Real-time confirmation
Direct account settlement
Funds are transferred directly from the customer’s account to the merchant.
The entire process operates within the PSD2 regulatory framework across Europe.
Designed for Merchants
PSD2 compliant across the EU
Open Banking can operate alongside Alternative Payment Methods and card processing as part of a diversified payment strategy.
Where Open Banking Delivers Value
Open Banking is particularly relevant for:
- eCommerce merchants seeking cost efficiency
- Subscription and recurring billing models
- Higher value transactions
- Merchants expanding across European markets
- Mobile first and digital first businesses
Cards can operate alongside Alternative Payment Methods within the same unified setup.
Security and Regulatory Framework
Open Banking operates under PSD2 and Strong Customer Authentication requirements where applicable.
Transactions are authenticated directly through regulated banking institutions.
As a regulated Austrian financial institution under Austrian Financial Market Authority supervision, DIMOCO ensures compliance, governance, and operational reliability within your payment infrastructure.
Ready to enable Open Banking?
Talk to our payments experts and build an Open Banking setup designed for real-time confirmation, lower transaction costs, and secure bank authentication.
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Frequently Asked Questions
General Acceptance & Features
Security & Compliance
Pricing, Settlement & Finance
Integration & Management
Operations
What are Open Banking payments and how do they work?
Open Banking payments, also known as account-to-account (A2A) payments or pay by bank, let customers pay directly from their bank account. At checkout the customer selects Open Banking (shown to shoppers as “pay by bank”), chooses their bank, confirms the payment in their own online or mobile banking environment, and is returned to the merchant. The payment is authenticated directly with the bank under PSD2, and confirmation is typically real time.
Is Open Banking the same as pay by bank?
Yes. “Pay by bank” is the consumer-facing name for Open Banking payments. Both describe an account-to-account (A2A) payment made directly from the customer’s bank account and authenticated in their banking app under PSD2. You may also see it called A2A payments or bank payments. In every case funds move directly bank to bank, without card networks.
How do account-to-account payments differ from traditional bank transfers?
Account-to-account payments are initiated at checkout and confirmed in real time, while traditional bank transfers are manually initiated by the customer and typically can take longer to confirm.
What is the difference between Open Banking and a digital wallet?
A digital wallet such as Apple Pay or Google Pay stores a customer’s card and pays through the card networks. Open Banking is an account-to-account payment that moves money directly from the customer’s bank account, without using a card. Both speed up checkout, but Open Banking settles bank to bank rather than over the card schemes.
Is Open Banking available for cross-border commerce across Europe?
What are the benefits of Open Banking for merchants?
Open Banking lets customers pay directly from their bank account, which can lower transaction costs compared to cards and comes without chargebacks. Payments are confirmed in real time, and no card details are entered or stored, which removes a common point of friction and risk. It works well alongside cards and other payment methods to give customers more choice at checkout.
Is Open Banking safe?
Yes. Open Banking operates under PSD2, and every payment is authenticated by the customer directly within their own banking environment. The customer never shares card details with the merchant, and the bank handles authentication, which reduces fraud exposure at checkout.
Are there chargebacks with Open Banking?
No. Open Banking payments are authorised by the customer directly in their banking environment, and once an instant transfer is authenticated, the funds have moved and cannot be pulled back. There is no chargeback mechanism as with cards. Any dispute is handled directly between the customer and their bank.
How does Open Banking compare to card processing in terms of cost?
Open Banking payments complement card processing and can offer a more cost-efficient structure depending on the use case. Pricing depends on transaction volume, markets, and integration setup.
When are Open Banking payments confirmed and funds settled?
Instant payments are pushed by default, and the payment status is available in real time. The customer can switch to a standard SEPA transfer within their own banking environment, in which case the final status depends on the bank’s processing time. The DIMOCO gateway flags which payments were made as instant transfers, so you can differentiate between the two in your reporting.