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FAQ about Open Banking

What is Open Banking?

Open Banking is the secure way to give regulated Third Party Providers secure access to your financial information and . You can find OUT more at:

What is a third party provider?

A Third Party Provider is a regulated organisation that can, with your consent, access your account information in order to help you manage it. fena (formerly FaizPay) is an authorised Third Party Provider and regulated by the Financial Conduct Authority.

Does fena see my banking login details?

No. With Open Banking, your login details are safe, as you don’t share them with us. fena (formerly FaizPay) will always direct you to your mobile banking app or your bank’s secure Open Banking website which allows you to make a payment without sharing any of your details with us. 

Is my payment secure?

Open Banking uses application programming interfaces (APIs) to allow the software at one company to access information from the software at another company.Unlike screen scraping, which is dependent on you sharing your login details with an app, APIs allow users to regulate the data they share, with whom and for how long without ever sharing password information.

What if fena gets hacked?

fena (formerly FaizPay) doesn’t store any of your banking credentials. This means that your bank account cannot be breached at any time, even if our servers get compromised.


How do I sign up for a merchant account?

Simply download the FaizPay app from   App Store and  Google Play Store  and follow the signup process on the app. Start with creating a new account with your email address. Then, fill in the details about your businesses. You can also register online on  the FaizPay Merchant Portal.

How do I take payments as a merchant?

Here is the quick guide on how to take payments via FaizPay –  How to take payments as a merchant.

How much does it cost to take payments via fena?

The fena (formerly FaizPay) transaction fees start from free up to the £500 worth of processed transactions per month .For bespoke APIs and integration, additional maintenance fees might apply. See our Pricing page for full details. 


What is a third party provider?

Here is the quick guide on how to make payments via fena (formerly FaizPay) –  How to make payments via Faiz Pay.