Building a better payment flow using Mojaloop
OnePipe is democratizing access to banking services, enabling a wide variety of tech innovators to integrate services like account verification, collections and automated banking transactions into their products. OnePipe has created an API marketplace platform that integrates the services of banks, incumbents and fintechs into one unified set of APIs.
OnePipe aims to give merchants an easy and low cost way to accept transactions from the widest number of merchants across the widest possible geography. Giving clients the ability to pay seamlessly, cheaply, and without hassle is part of the goal of the OnePipe team.
Individuals often have multiple accounts at multiple institutions, many of which do not talk to each other well, and sometimes are siloed payment systems. OnePipe demoed a payment flow that would allow a person to put in just their phone number at checkout.
Mojaloop enables the team to take just the phone number from the payee and find associated bank accounts and fees and present them to the payee in a streamlined user experience. The user doesn’t have to look up their own bank account information and is instantly aware of the fees they will pay giving them the ability to choose the lowest cost options.
The asynchronous architecture was different than what OnePipe currently has implemented, but the team found that there were advantages to this and, as the look at how to build a system compatible with Mojaloop-enabled payment switches, they are looking at how to incorporate this into future releases of their product.