Introduction: The Open Banking Promise and the Merchant Reality
Open Banking promised a revolution: faster, cheaper, and more secure account-to-account payments. Yet, for online merchants, early adoption was fraught with operational blind spots and financial risk. Transactions were often treated as opaque bank transfers, difficult to reconcile and vulnerable to fraud. Two sequential innovations—first by WhiteTech for Payop and later by PayDo for its global ecosystem—have systematically dismantled these barriers, transforming Open Banking from a niche alternative into a reliable and scalable payment rail.
Part 1: Eliminating Friendly Fraud — The WhiteTech & Payop Breakthrough
Market Gap: User Experience Imperative
As a PSP Payop, historically worked with a variety of alternative payment channels across the globe. Users in Asia and Latin America prefer local payment options offering an optimised payment experience. It was only a matter of time before a similar UX-focused concept gained traction in Europe. The Payop team saw significant potential in Open Banking technology.
Open Banking: Implementation Hurdles
However, at its inception, Open Banking, like any new technology, had certain drawbacks. A critical issue arose when a successful transaction initiation message was misinterpreted by the merchant as a confirmation of payment receipt. A merchant would receive a successful technical status for a payment, while the funds would not necessarily be received. It worked this way for years.
In practice, payers, who noticed that their shopping was free of charge, often tried to spend as much money as they could, only to have it claimed back before the payment system applied any restrictions. To avoid losses arising from such abusive behaviours, Payop even had to disable Open Banking collections until the solution could be found
Pivotal Solution: Enabling Adoption
In search of a solution to a critical problem, Payop engaged WhiteTech, a FinTech development company founded by Serhii Zakharov, who engineered a solution to provide merchants with an API confirmation of ultimate receipt of payment. This innovation practically removed instances of friendly fraud and made collections via Open Banking commercially and operationally feasible. This innovative solution subsequently became an industry standard.
Commentary from Payop:
"Our partnership with WhiteTech was pivotal. The innovation of moving from payment initiation to payment receipt confirmation solved a fundamental issue of unsettled funds. It allowed us to offer Open Banking not just as an alternative, but as a primary and superior, more secure payment method. This solution didn't just improve our platform; it helped define how the entire industry approaches transaction integrity in Open Banking." — Anastasiia Semenkova, CEO, Payop
Part 2: Scaling Volume — The PayDo C2B Collections Account Innovation
The Problem: The Operational Bottleneck of Volume
Even with the fraud problem solved, a second major hurdle remained: traditional banking infrastructure treats Open Banking payments as individual, non-descript credit transfers. For an e-commerce business receiving thousands of daily C2B (Customer-to-Business) payments, this created a significant accounting challenge. Tracking, reconciling, and categorising these transactions was a manual, unsustainable process, crippling scalability.
The PayDo Solution: The Dedicated Collections Ecosystem
As CEO of PayDo, Serhii Zakharov architected the next critical innovation: the dedicated C2B Open Banking Collections Account. This solution reimagines the merchant's relationship with open banking traffic. Instead of funnelling payments into a generic bank account, PayDo provides a unique, managed account environment designed specifically for high-volume e-commerce payment processing.
Within this ecosystem, each transaction is automatically tagged, tracked, and reconciled in real-time, just like a card payment. The platform's infrastructure is engineered to process an immense volume seamlessly, where over 100,000 daily transactions become a manageable operational flow, rather than a crippling logistical problem.
The Impact: Unlocking Scalable Adoption
This innovation makes Open Banking truly viable for high-volume online businesses. Merchants gain the benefits of faster settlement and lower costs without sacrificing operational clarity. PayDo's ecosystem transforms Open Banking from a disruptive novelty into a core, reliable, and scalable component of a modern payment stack.
Commentary from PayDo:
"Solving fraud was the first step, but to truly unlock Open Banking for commerce, we had to solve for scale. Our dedicated C2B Collections Account is engineered to treat direct bank payments with the same efficiency, reporting, and reliability as traditional card acquirers. We've moved the needle from making Open Banking 'possible' to making it 'operationally excellent' for businesses that process millions in volume. This is how you turn a promising rail into a foundational one." — Serhii Zakharov, CEO & Founder, PayDo
Conclusion: A Blueprint for Foundational Fintech Innovation
The journey from WhiteTech's fraud-proof confirmation to PayDo's high-volume collection ecosystem illustrates a powerful principle in FinTech: lasting adoption is built on foundational infrastructure, not just front-end applications. These sequential innovations tackled the two deepest fears of merchants—risk and operational chaos—thereby elevating Open Banking's entire value proposition.
Together, they provide a blueprint: first, engineer trust by solving a fundamental flaw (fraud). Second, engineers scale by solving the operational burden. This dual approach has not only served Payop and PayDo's clients but has actively shaped industry expectations, proving that the most impactful innovations are often those that make complex technology simple, secure, and scalable for the businesses that use it.
About the Companies:
- PayDo is a globally regulated payment ecosystem that consolidates multi-currency accounts, global acquiring, e-wallet checkout, and innovative Open Banking solutions into a single unified platform for online businesses.
- Payop is a modern payment service provider offering a wide range of global payment methods, seamless integration, and transparent pricing for e-commerce businesses worldwide.
- WhiteTech is a pioneering technology firm specialising in developing custom, high-load FinTech cores and white-label solutions, including breakthrough modules for payment security and open banking infrastructure.
About Serhii Zakharov:
Serhii Zakharov is a visionary Fintech entrepreneur and the founder & CEO of PayDo, a globally regulated payment ecosystem processing over €5 billion annually. He is also the founder of WhiteTech, the pioneering technology firm behind the industry-standard solution for guaranteed payment receipt confirmation featured in this case study. An ecosystem architect and author of several foundational FinTech innovations, Zakharov has built multiple ventures focused on transforming complex financial, regulatory, and ad-tech challenges into unified, scalable platforms. A recognised thought leader, he frequently keynotes at major industry forums, advocating for the transition from fragmented systems to cohesive, ecosystem-driven infrastructure.
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