STL Technology Solutions has partnered with EchoPay to develop what it says is the first fully integrated open banking and card payment solution for the sector that will offer a reduction in payment charges.
Open banking is a secure payment method compared to traditional processes that also allows wholesalers to reduce their payment charges, with bank charges (typically 1-2% of the total payment and £18 per average transaction in wholesale), claimed to be reduced from pounds to pence using open banking.
The new partnership will allow wholesalers to use tilling software and process open banking payments at the point of purchase, with checkout staff using a Clover terminal that will generate a QR code to take payments from a customer’s mobile phone with a touch of a button.
The partnership is rolling out in two phases. The first phase will see STL’s existing tilling software embed EchoPay technology into it. In the second phase, STL’s next-generation ePoS – STL Evo Till, due 2024 – will offer integration with EchoPay via a new API (Application Programming Interface).
EchoPay is headed by James Ward who held senior positions at wholesalers including AC Ward & Son and Forward Wholesale. “Our strategic partnership with STL is a crucial step in enabling us to help wholesalers across the country save thousands of pounds a year in banking charges,” he said.
Ivan Durkin, managing director at STL, said: “Until now, electronic payments could only be processed through costly traditional debit and credit card providers. However, a new generation of independent, agile suppliers have emerged to offer reliable, secure, and cheaper solutions using ‘open banking’ processes and we’re delighted to be partnering with Unitas-approved EchoPay on this integrated solution. While the technology is complex, its application is simple and the rewards immediate and enormous.”
“Through seamless data sharing across the POS, merchandise management and accounting systems, STL’s Evo platform makes accepting and processing payments using EchoPay open banking simple and efficient. We look forward to seeing the reaction from customers as they reap the benefits of cheaper open banking payments.”