So how does it work? Is it safe? Is it compliant to payments regulations?
The answer is an emphatic yes. In fact, the beauty of the OPC and the secret to its scalability is the way it safely industrialises and automates compliance and security. Personal and identifiable customer data for example is completely inaccessible to developers and detailed codification of regulations, means compliance checking can now be automated and the process of payment programme approval consequently can be greatly accelerated.
But what does this mean in practice?
It means all those payment needs that would-be vibrant, thriving businesses have, those needs that couldn’t be met before; well, from now on, they will be met, by the OPE. That has to be good for business and good for growth, right?
From the payroll application for temporary excursion guides in Spain; to incentive payments for restaurant staff in London; from the provision of debit-card linked foreign currency cards to commercial settlement of travel agency bookings. The possibilities are endless.
So what makes the OPC special?
Automated compliance is one of the many ‘firsts’ that the OPC will bring to the payments industry. Reducing the compliance checking burden on banks means they can support many, many more applications, more cost-effectively.
The creation of a dedicated Payment Application Modelling Language which facilitates fast, component-based development of payment applications will accelerate the development cycle considerably.
And finally, the UX framework will simplify and streamline the development of the application and of the user interfaces and user experience logic.