When you make a payment through August, we use a technology called open banking to handle your transaction. open banking is designed to make payments easier, faster, and more secure by letting businesses interact directly with your bank, with your permission, to process payments.

August is a Payment Initiation Service Provider (PISP). This basically means that instead of you having to go through a traditional process—like manually entering transaction details when transferring money through your bank app—August securely connects to your bank on your behalf. Here’s how it works:

Initiating Payment: When you're ready to pay, August asks for your permission to connect to your bank account. You give the go-ahead, and August handles the rest.

Direct Bank Transfer: With your permission, August accesses your bank and initiates a payment directly from your account. No middlemen (like card networks) are involved, so the money moves directly from your bank to the account you're paying.

Faster and Secure: Since the process happens directly between your bank and the recipient’s bank, payments are often faster. Plus, it's more secure because you're not sharing sensitive information (like card numbers) with the person you're paying.