—
As per the latest Open Banking Impact Report, one in five UK consumers and small businesses are now actively using open banking, up from just 1 in 17 in March 2021. The report highlights that 31 million open banking payments were made in March 2025, which is equivalent to 1 in 13 or 7.9% of all Faster Payments.
Lasma Kuhtarska is the Co-founder and Chief Strategy Officer at Noda, a company that is at the forefront of open banking technology ever since its founding in 2018. Noda’s Open Banking Platform not only enables seamless and cost-effective online payments, but also allows companies to leverage financial data for personalised customer experiences and improved acquisition strategies.
Noda partners with 2,000+ banks across 28 countries, spanning over 30,000 bank branches.
Role of APIs in Open Banking
“Open Banking payments work by leveraging APIs (Application Programming Interfaces). When a customer authorises a payment, the third-party provider initiates the transaction directly from the customer’s bank account, bypassing traditional card networks. This is done with the customer’s explicit consent,” says Lasma Kuhtarska, Co-founder of Noda.
These APIs also create a unique way to increase consumer engagement and address their demands in a secure and agile approach. Moreover, the APIs help in building new digital revenue streams.
Anatomy of a Single Payment: Noda’s Co-founder Lasma Kuhtarska Explains
Suppose a user wants to buy something on an ecommerce website. They select the product and go to the checkout. Assuming there is a partnership between the website and Lasma Kuhtarska’s Noda, here are the next steps:
- User selects the “pay-by-bank” option at checkout
- After that, they choose their bank for making payment
- Authentication process takes place, usually via a biometric check such as face identification or fingerprint
- Customer reviews all the details and confirms the payment
- Funds are instantly debited from the user’s account and credited to the merchant
Open Banking Payment Technology of Lasma Kuhtarska’s Noda – Advantages
- Cost:Noda has much lower processing fees compared to card payments or other traditional methods. It starts from around 0.1%, with no interchange or scheme fees
- Instant settlement:Funds arrive within seconds of payment completion
- Convenience:Streamlined processes and easier payment initiation
- Better user experience:Consumers pay from their secure banking interface without having to manually enter card details. This saves them effort and time, resulting in an improved customer journey.
- Control:Customers have more control over their financial data and payment processes
- Security:Verification through Strong Customer Authentication, typically involving a biometric check
Noda’s Instant Payment Links – Transparent and Super Simple
Noda’s payment link generator feature allows businesses to create a payment link in just a few moments. They only need to enter the link name, price and currency, add a payment description for customers and click on “Generate”. As simple as that! “The payment link can be sent in emails, messengers, etc. Stringent security, low transaction fees and real-time crediting of funds are some of the features of our payment links,” says Noda Co-founder Lasma Kuhtarska.
Speaking about the various industries where instant payment links can be of use, Noda’s Lasma Kuhtarska adds, “They can be used across omnichannel e-commerce platforms, automotive, travel and hospitality sectors, among others. Payment link generators can also be of great use in quick-launch campaigns and in the form of one-click payments for returning customers.”
The Chief Strategy Officer at Noda says their mission is to deliver the definitive financial management toolkit that the 21st century Internet deserves. “We aim to eliminate the remnants of last century’s legacy systems, including time delays, data distortions due to endless intermediaries and usher in a revolutionary model that enables customers to enjoy a seamless, omnichannel payment experience,” informs Lasma Kuhtarska.
—
This content is brought to you by Chris Reyes
Photo provided by the author.
