Germany is a market well suited to open banking payments, with widespread online banking use alongside relatively cautious credit card usage. PSD2 opened up account access beyond the banks' exclusive control, and under BaFin supervision, licensed payment initiation service providers (PISPs) can initiate account transfers with consumer consent.

Since this page covers the general category, actual adoption is a matter of choosing an implementation. You can compare providers by role: PSP-style brands such as Trustly, checkout A2A payments such as Pay by Bank, and manual transfers on the general bank transfer page.

When a consumer selects their bank at checkout, the payment initiation provider initiates a transfer via a PSD2 API, and the consumer approves it through Strong Customer Authentication (SCA) in their bank app or online banking. Because the funds move directly account-to-account (A2A) without going through a card network, payment certainty is high as soon as it is approved.

Open banking payment is not a single product but an area where bank coverage and UX differ by implementation. We recommend selecting an implementation during consultation based on the primary bank coverage of your target customer base.

• Business registration country

  Confirm contract eligibility for Korea-based merchants

• Sales channels

  The integration method and priority differ depending on your online sales channel mix, such as your own storefront, open marketplaces, or mobile apps

• Product categories

  Advance confirmation is needed to check whether your category falls under the Open Banking provider's restricted merchant policies

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

Regardless of which implementation is used, euro (EUR) proceeds from the consumer's account flow to the point where Hecto Financial receives them, and after conversion are paid out to the Korea-based merchant in whichever of USD, KRW, or JPY was set in the contract.

Since account transfer payments have no chargeback concept, refunds are handled as a return transfer, and you should factor the 14-day right of withdrawal that applies to sales to German consumers into your refund policy.

• Deutsche Bundesbank, Federal Financial Supervisory Authority (BaFin)Official information on Germany's payment system operations and financial supervision. Where this page differs from actual regulations, the official source takes precedence.