About TransactIQ
Serious payment infrastructure. Transparent pricing.
TransactIQ is a Pay by Bank solution built on Key IVR's PCI DSS level 1 certified payment technology. We exist to give UK businesses a straightforward addition to card processing — one that costs less, settles faster, and doesn't hide fees in small print.
Powered by Key IVR
TransactIQ is built on Key IVR's payment infrastructure. Key IVR has been providing secure payment technology to UK businesses for over a decade, processing over £1.8bn per annum, across regulated and high-volume industries including utilities, financial services, local government, and healthcare.
Key IVR is a UK-based company with a track record of handling sensitive payment flows at scale. Their technology underpins TransactIQ's Open Banking payment rails, compliance posture, and settlement processes.
Open Banking — a regulated framework
Open Banking is not a startup technology. It is a regulated framework overseen by the Financial Conduct Authority (FCA), mandated under PSD2 and implemented across UK retail banks.
FCA-regulated rails
Payments initiated via Open Banking travel over infrastructure authorised and supervised by the FCA. The framework requires participating banks and payment providers to meet strict security and operational standards.
No credential sharing
Your customer approves the payment inside their own banking app. Their login credentials, card details, and account passwords are never shared with TransactIQ, Key IVR, or any third party.
Strong Customer Authentication
Every payment is authenticated using your customer's bank's own SCA (Strong Customer Authentication) — the same security layer used for online banking and card 3DS.
Direct bank-to-bank settlement
Funds move directly from your customer's bank account to yours. There are no card networks, no interchange fees, and no scheme charges sitting between you and your money.
Helping shape the future of Open Banking
Key IVR is a member of the Future Entity Design Working Group — the industry group convened under the Joint Regulatory Oversight Committee (JROC) to design the body that will succeed Open Banking Limited as the UK's Open Banking standards setter.
This is not a badge on a website. It means the team behind TransactIQ is actively involved in defining how Open Banking will work for UK businesses over the next decade.
Membership of an industry working group is not an endorsement or accreditation by any regulator.
Regulatory context
PSD2 / Payment Services Regulations 2017
The legal framework that opened UK banking infrastructure to regulated third-party payment providers, enabling Open Banking payments.
FCA oversight
Open Banking payment providers operating in the UK must be authorised or registered with the FCA as a Payment Initiation Service Provider (PISP). The framework is actively supervised.
Open Banking Limited (OBL)
The current standards body that maintains the UK Open Banking Standard — the technical and security specifications that all participants must meet.
JROC
The Joint Regulatory Oversight Committee, co-chaired by the FCA and PSR, oversees the transition to a long-term Open Banking governance framework in the UK.
Ready to see what you'd save?
Send us a recent card processing statement and we'll produce a verified savings analysis — no obligation, no sales call unless you want one.