London-based FinTech FintechIO has launched Blip-Pay, a new payment platform that aims to facilitate lower transaction fees, as the firm seeks to expand its Open Banking offering.

Designed for both businesses and individuals, the account-to-account (A2A) platform offers a range of services, including personalised real-time payment, PSD2-compliant transactions, direct bank transfers, QR code payments, and Pay by Link options.

The Pay by Link option enables users to create a unique link for a payment request , that can be shared via a text message, WhatsApp, and email, or embedded into an invoice.

Once received, customers can click on the link and follow the steps to complete the payments, with funds being instantly transferred to the receiver’s bank account.

Blip-Pay’s payment terminals are web-based, with customers able to access them anywhere via a connected device.

The new technology offers a range of analytical services including Deep Dive, which provides customer historical spending analysis and insights and personalised products according to transaction history.

According to the FinTech, the platform can provide up to 70 per cent lower transaction fees and a smoother checkout journey, leading to a decrease in abandoned check out carts.

The firm said the service aims to decrease fraud attempts during transactions, as customers must approve payments themselves using their banking apps.

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