If your customers are having issues connecting a bank account via Open Banking, one possible reason for the problem could be that it is a joint account. A joint account is considered any account with more than one account holder (personal accounts only).
Direct debit is a popular form of payment in Australia. For businesses, the risk of payment failure is an often overlooked downside that can lead to increased customer churn and operational costs. But never fear, ‘Smart Payments’ are here. This is the new way to pay.
Super and Open Banking could work together to ensure that consumers are increasingly financially literate about their Super balances, ensure the fund aligns with their values and performs – while still protecting what is an incredibly valuable asset.