Bankbox can be integrated via APIs into already existing payment systems

Payments group finds solution for banking systems. Source:?unsplash.com

Tribe Payments announced it’ll launch Bankbox, an API-led, agnostic module, allowing issuers and acquirers to get access to banking systems.

Bankbox aims to assist program managers in having card services or digital wallets. Along with that, it helps acquirers who accept payments on behalf of the merchant. It adds banking services to their products as it syncs with Tribe’s Digital Wallet and Acquirer Processing module.

With the help of Bankbox, program managers are able to accelerate their Open Banking efforts. Open Banking payments are authorized between the bank and its users. This way, it eliminates chargebacks that merchants face due to fraud, as well as reduces processing expenses.

• Direct deposit: how to work with it
• How do cardless ATMs work: pros & cons
• Partnerships in financial services & how they affect the entire market