ISX Financial partners with Wix to launch Open Banking solution to UK merchants

Banktech company ISX Financial has launched an Open Banking solution, PaidBy, which is being offered to UK-based merchants via a new partnership with Software-as-a-Service platform Wix.

Wix’s merchants in the UK will be able to use the Open Banking payments solution PaidBy to enable their customers to pay directly from their current banking app or web portal.

As such, Wix merchants will have access to their funds the same day, improving cash flow.

ISX Financial’s PaidBy solution starts with an automated online onboarding system, which enables UK merchants to complete their onboarding and ‘Know Your Business’ process “in minutes”.

ISX Financial’s managing director and chief executive officer Nikogiannis Karantzis said: “ISX Financial is thrilled to be partnering with Wix on our full Open Banking orchestration service that competes with online card scheme processing.

“This mass application of Open Banking coupled with ISX-issued sort code-based merchant accounts and a full API-driven notification service is unique, innovative and will deliver real benefits for customers and merchants alike, and delivers the ease and flexibility that Wix is famed for.”

“We are constantly finding new ways to support our merchants in order to provide them with innovative tools for business growth. This enables them to extend their online footprint, and deliver exceptional service to their customers,” added Volodymyr Tsukur and Amit Sagiv, co-heads of Wix Payments.

“We look forward to working with PaidBy to provide seamless Open Banking solutions to our UK merchants.”