Bulgarian fintech Iris Solution, a supplier of open banking solutions, claim it launches the „Southeast Europe’s first cardless bank payment app”

IRISPay for Merchants is a mobile application for accepting payments through payment QR codes. Payments are made from bank account to bank account (A2A), according to Open Banking standards.

„We’re redefining payments with IRISPay, the first-of-its-kind non-card bank mobile app powered by Open Banking in Southeast Europe!” – the company said/. Thanks to Open Banking, „businesses and clients now enjoy faster, safer, and more transparent payments”:

. Instant transfers directly between bank accounts in seconds;
. No extra apps for clients—just their trusted banking app;
. Only 0.59% per transaction, no monthly fees;
. Built on the secure framework of PSD2 regulations.

Why the company says is more convenient for customers:

. Pay in 4 clicks – The customer makes the payment with just 4 clicks or biometrics from their bank account

. No limit on the size of transactions – The customer has no restrictions on the size of the amount paid by him

. No unnecessary apps – Customers make the payment through their own banking application without installing additional extensions

. The highest level of security – Payment according to the security requirements of the Second Payment Directive PSD2

What are the other benefits the customers enjoy:

. At least 50% lower transaction fees compared to card payments thanks to Open Banking technology

. The merchant receives the money from the transaction in his account within 10 seconds* or within one standard transfer

. No monthly fees or subscriptions. Merchants only pay for completed payments, with no integration, subscription or monthly fees

. No new bank account. The merchant receives his money in a bank account of his choice. No need to open a new one.

. No need to issue a receipt – Payments with IRISPay are a digital bank transfer from account to account and do not fall within the scope of Ordinance H-18

The IRIS Solutions platform works with DSK Bank, Postbank, Unicredit Bulbank, IBB, FiBank, CCB, Revolut, InvestBank, TBI bank, Allianz Bank, International Asset Bank, Procredit Bank, Dbank BACB, as well as with ICard, myPOS, Transcard and Ecoints payment solutions.

The IRIS PAY application is only available to commercial partners in the IRIS Solutions network. The application can be downloaded from Google Play for smartphones and tablets with the Android operating system and from the App Store for smartphones and tablets with the iOS operating system.