Leveraging Open Banking technology, SlimCollect will provide a new account-to-account payment method for European merchants.
SlimPay, french Fintech leader in recurring payments, today announced the launch of their new solution, SlimCollect. Leveraging the many opportunities that Open Banking provides, SlimCollect uses PIS/AIS (Payment Initiation Service/Account Information Service) to bring value to their clients. Merchants working with SlimPay can integrate this new payment solution directly into their payment flow. It allows consumers to initiate a payment to a merchant, directly from their own secure banking application.
With this launch, SlimPay has entered a new stage in their development. The French company, who coined the concept “Repeat Economy“, is on a mission to create an ecosystem that makes recurring payments simple, efficient and reliable for all.
Improving the customer experience while helping merchants
SlimCollect eliminates the need for consumers to enter their IBAN or card details when they make purchases. When a consumer confirms their basket, SlimCollect immediately triggers the consumer’s banking app to request authentication. The consumer then approves the payment, using their normal secure login information—a secure code, or increasingly, biometrics (fingerprint or facial recognition).
Security is optimal, as sensitive data is never shared with merchants, and therefore never stocked in merchant databases. Merchants have control over the entire spectrum of payment management—from payments to reimbursements to reporting—in one single platform. With benefits for both merchants and consumers, this new solution offers a highly-secure payment journey that is especially optimised for mobile users. In addition to being easy to use, SlimCollect also significantly reduces the risk of fraud for both parties.
“Since the creation of SlimPay, our ambition has always been to ensure a smooth and cost-effective payment journey for merchants and consumers alike. Advances in Open Banking have allowed us to launch a new payment method that is an alternative to the traditional payment networks. The new generation of consumers is mobile-first, and demands a smooth and simple user experience. The Open Banking revolution is still in its early stages. We are pleased to be among the first players to offer this”, said Jérôme Traisnel, founder and CEO of SlimPay.
Toufik Gozim, founder and CEO of Assurly, added: “With SlimPay, we want to continue to shake up the insurance market by offering a smoother customer experience—all from a smartphone. SlimPay’s innovation is fully in line with our desire to capitalise on Open Banking to further develop our services. Seventy-seven percent of our prospects surveyed are interested in an Open Banking experience. The estimated savings in admin time for our customers is upwards of 50%”.
The Open Banking revolution
This announcement echoes the growing popularity of banking apps, as well as the rise of mobile and instant payments.
The development of Open Banking will bring about major innovations to the banking industry, providing more transparent and secure processes for sharing financial data between banks and authorised financial institutions. Open Banking has an unlimited number of use cases in the future that can and will extend beyond payments. For example, consumers will be able to pay in real time, better manage their finances, schedule recurring payments, pay in instalments and more. Merchants offering these services undeniably improve their customer experience and build loyalty. This creates a trusted customer journey, and helps reduce the risk of fraud and failed transactions.
SlimCollect is an integral part of SlimPay’s Open Banking strategy. As a direct participant in the European Payment Schemes (EPC), SlimPay is a major player in the promotion of instant transfers. SlimPay completely operates and controls all of its services. This allows them to ensure that funds are made available more quickly and that transaction return codes are delivered without any intermediary—both key to operational excellence.
Leading Fintech player, SlimPay allows merchants to create value and deliver a frictionless payment experience across all channels. Our payment solution helps merchants streamline acquisition, increase customer lifetime value and maximise revenue—through card, direct debit and open banking services.
Launched in 2010, SlimPay has offices in Paris and Madrid, with 100 employees from 20+ nationalities. SlimPay serves customers across several industries, such as Deezer, SFR, EDF, Nespresso and Vattenfall. SlimPay’s solutions specifically addresses the needs of recurring-based businesses, namely:
- Enrolment solution that allows merchants to manage payments on their own initiative;
- Management of unpaid debts due to insufficient funds;
- Freemium subscription fraud management;
- Reduction in payment friction to avoid involuntary churn—in particular due to payment method expirations;
- Integration with the merchant’s tech stack (CRM, billing, recovery, etc.)