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 Frequently Asked Questions

Open-Banking FAQs

6 answers

Wonderful Payments is a new online payment provider for UK charities. It utilises Open Banking to dramatically streamline and simplify the process of making an online donation, whilst significantly reducing the cost incurred by the charity for processing the payment. Charities currently receiving online donations via credit/debit card payments can expect to see a 90% reduction in transaction fees by switching to Wonderful Payments, along with a far more simple and user-friendly payment flow.

Open Banking is an EU-wide initiative, as part of PSD2. Open Banking is intended to give consumers greater choice and control over how they use their banking products and data. Open Banking enables new solutions to be built on-top of banking infrastructure and customer data, to create innovative new products and services for consumers.

Wonderful Payments take advantage of Open Banking - a new government-backedinitiative that securely transfers ownership and control of account information from the bank to the customer. Open Banking means Wonderful can offer highly secure, instant, online payments for charities by directly connecting with the donor’s existing bank accounts.•Your charity adds a Wonderful donation button to its website or linksto its charity profile page on the Wonderful website;

  • The donor clicks the Donate button which opens a pop-up window asking them to enter (or select) an amount for their donation;
  • The donor is asked to provide an email address;
  • An email is immediately sent to them, prompting them to open this on their mobile device;
  • The email we send confirms the amount and recipient (your charity) and asks the donor to select their bank;
  • The donor’s mobile bank app is opened in the usual way (password, biometrics) showing the payment details, pending and awaiting confirmation.

Yes, all payment authentication and approval is carried out by your own bank. This means you use the same security as you would when making any payment with your bank. Wonderful Payments will never ask donors togive access to their bank login details or password to anyone other than their own bank. As a donor, you are in charge and choose what data to share, when to share it and for how long you give access to it.

Open Banking uses software which has been thoroughly tested and implements a number of different security systems. Furthermore, Wonderful Payments and Open Banking are regulated by the Financial Conduct Authority. Only apps and websites which are regulated by the FCAor a European equivalent are able to implement Open Banking. Open Banking users are also covered by data protection laws and the Financial Ombudsman Service should any issues arise.

Yes, payments made through Wonderful Payments use the UK’s Faster Payments Systems (FPS). This means, they are instant in the majority of cases. It is possible that occasionally they could take up to two hours, for more information on this please visit - https://www.fasterpayments.org.uk/benefits-faster-payments.

No, you will not need to opt in. All major banks are required to provide Open Banking services to their customers. You will retain all control over where and how your data is used. Before making a payment, or sharing data from your bank, you’ll therefore be asked to consent and approve thetransaction. When sharing data, you will have full visibility within your banking app of who this is shared with, and can revoke access anytime.

For Charities

3 answers

Whilst making a donation, donors can make Gift Aid declarations provided the donation qualifies for Gift Aid. Charities are provided with a CSV download of transactions with Gift Aid data in the same format as is required by HMRC when claiming Gift Aid.

Wonderful Payments does not currently support recurring payments, however we do hope to introduce these in April 2021.

Donors will be able to view any payments made through Wonderful Payments in their bank statement or on their bank’s mobile app. Payments will appear as the account name that they are making the donation to (i.e. the charity they have chosen to donate to). Charities in turn will see the donor’s account name on their own charity bank statement along with a reference for the payment.

For Donors

9 answers

Yes, Open Banking is completely free for donors to use.

Yes, you will need to have registered for Online Banking to use Open Banking services. This is because all payments are approved via your banking app or website.

Since all payments are approved within your online banking app or website, you should raise this with your bank first if you see something suspicious. They will be able to advise the best course of action.

Currently the smartphone element of the Wonderful payment flow is required for security reasons. However, a desktop-only payment flow is currently being developed for those rare occasions where a donor does not have access to a smartphone with their mobile banking app(s) installed.

All payments in the UK are sent via Faster Payments (FPS). Any payments made in Europe are made using SEPA Credit Transfer (SCT) or SEPA Credit Transfer Instant (SCTInst) where possible.

All Major UK banks are currently supported on Wonderful Payments.

UK & IRE

  • Barclays
  • First Direct
  • Halifax
  • HSBC
  • Lloyds Bank
  • Monzo
  • Nationwide
  • Natwest
  • RBS
  • Revolut
  • Santander
  • Tesco Bank
  • TSB
  • AIB
  • Bank of Ireland
Danske Bank Northern Ireland (launching soon)
  • ABN AMRO
  • ING
  • Rabobank

Wonderful Payments does not offer refunds for donations. This is as the money is passed directly from a donor’s account to a charity’s account, meaning Wonderful Payment does not have access to the funds. If you require a refund this should be raised with the charity you made the payment to. If they approve a refund, it will be carried out by them directly using their existing bank transfer refund process.

The payment for your donation will be visible instantly within your mobile/online banking app. Within 24 hours of the payment, donors receive an email from Wonderful Payments confirming their donation was successful and detailing any Gift Aid that was applied.

Yes, we will soon be launching in the Netherlands and Germany. Open Banking is available across Europe and we are adding and thoroughly testing countries as the technology stabilizes across the majority of banks in that country. This ensures customers get an optimal payment experience in any country we launch in.

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