Kieron James - 29th Aug, 2023
Payments made through Wonderful are simple, fast and secure. Wonderful is an Authorised Payment Institution regulated by the Financial Conduct Authority and uses Open Banking to facilitate payment initiation.
Each instant bank payment is transferred directly from the consumer / donor bank account directly to the merchant / charity bank account and is authorised within the payer's existing online bank account or mobile banking app.
By using the existing security of the donor's own bank account, Wonderful payments are secure, direct and instant.
"Open banking lets consumers and businesses make payments directly from their accounts, providing a secure and cost-effective alternative to using card networks... It has been a UK success story, with significant take-up and ever-accelerating growth... Many other countries have looked to the UK’s approach as they develop their own models."
From a joint statement by HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority and the Payment Systems Regulator.