OBL Case Study - Unlocking new opportunities and how Wonderful’s platform transforms payment processing for small firms
At Wonderful, we are dedicated to pioneering innovative solutions that support small firms and charities. We are delighted to share a recent case study from Open Banking Limited...
The Open Banking case study highlights the transformative impact of our account-to-account (A2A) payment platform. This technology, alternatively referred to as Pay by Bank (PBB) or instant payments, simplifies transactions and significantly reduces costs, empowering our users to maximise their resources.
Revolutionising payment processing
At the core of our initiative is the use of open banking standards to facilitate seamless, secure, and cost-effective transactions. Unlike traditional payment methods that often incur high fees, our instant payment platform removes intermediaries, drastically reducing transaction costs. This is particularly beneficial for small businesses and charities operating on tight budgets and, not least during a cost of living crisis, where cash flow can mean surviving, or not.
Benefits of A2A technology
- Cost efficiency: By bypassing traditional card-processing fees, Wonderful clients save on every transaction (particularly charities as open banking allows Wonderful to process donations completely free for UK registered charities), allowing them to allocate more funds to core activities rather than administrative overhead.
- Speed and security: Transactions are not only faster but also more secure, thanks to the robust security protocols of open banking and inherent Strong Customer Authentication (SCA). This means quicker access to funds and enhanced protection against fraud.
- Simplicity: Our platform offers a straightforward setup process, making it easy for new users to start processing payments almost immediately. This ease of use is crucial for small firms looking to minimise operational complexities.
Expanding impact through real-life examples
The case study by Open Banking Limited describes how we have processed around £8 million in donations to date at no cost to charities, donors or fundraisers.
"Wonderful moved exclusively to open banking for donations in 2021, and interestingly, has already passed more money to charities via open banking transactions than it did via debit and credit cards in the preceding period." ~ Kieron James, CEO, Wonderful
Testimonials
"We’ve been using Wonderful for a few months now. Reducing payment processing costs by 99% is a winner, but we’ve also been very impressed with the payments technology. We can use Wonderful's One app to take payment in the showroom or generate a payment link which we email to our customer. Either way, the money is in our account instantly and we remove all the faff of getting paid.
The Wonderful team is very helpful so if you’re new to open banking or have any questions about how it works, they’re always on hand. Getting started is straightforward and you’ll be saving straight away. Highly recommend.” ~ Luke, Nissan Rowstock
“We're in the open banking space now. It has been a huge priority of mine to exceed user's expectations and if there is a financial benefit to us (free transactions) then it's a no brainer. Thank you to the Wonderful team.” ~ Therese, CAFOD
“In a world were most organisations are trying to make money out of anyone and everyone, Wonderful has given us a fundraising platform that is free, enabling us to give more funds to our cause and the reason we are here. Finally we have now found a fundraising platform that is really here for charities. Thank you Wonderful.” ~ Wendy, Care and Relief for the Young
Looking ahead
"The potential of open banking technology is vast, and at Wonderful, we are just scratching the surface. We are committed to continually enhancing our platform and expanding our services to meet the evolving needs of small businesses and non-profits," adds CEO, Kieron James.
Join the growing number of businesses and charities that are reaping the benefits of cost-effective and efficient payment processing with Wonderful.
If you are a UK charity, click here to register.
Commercial organisations, please visit https://wonderful.co.uk to see what you could save on transaction fees and get started today!
