Otto to offer instant payment system for online service

Online retailer Otto claims to have become the first company in Germany to offer an instant payment system for its customers.

The company developed the system through a partnership with German Bank Hanseatic Bank. The pair have developed an API together to make the system possible. 

Although instant payments are currently used across a range of sectors, the practice is not widespread across the e-commerce market. According to the Otto Group, it lacked a technical interface that provides uniform information processes that not only enable payments to be made within seconds, but also automatically process these payments in real time.

Source: Otto