The Tapico Open Banking Payment Initiation service, TapiPay, enables the secure transmission of payment instructions from a system receiving funds (e.g your Application), to an Account Servicer's system (e.g. your End-User's bank) from which the funds are debited.
As a regulated Payment Initiation Servicer Provider (PISP), Tapico does not itself move money and never comes into possession of funds. Rather the framework enables the secure transmission of payment instructions to a bank via authorisation flows that ensure the validity and regulatory authority of the Payments Initiator.
The End-User's bank ultimately executes the payment in a manner not dissimilar to if they had manually keyed payment details into Internet Banking themselves. It will always; ask the customer to verify the instruction, and obtain their consent to execute the payment.
Once authorised the payment is executed as a standard bank transfers through standard banking payment schemes (e.g. Faster payments).
TapiPay is currently only available to our customers in the UK wishing to initiate a single immediate domestic payment. In other words a payment that is from one UK bank account to another UK bank account that is to be actioned immediately upon the recent of the payment instruction.
Updated about 2 years ago