Bank of America and UK Fintech, Banked Ltd Expand Pay by Bank to Euro Currency Payments

A Bank of America innovative online payment solution, Pay by Bank, is now available for euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge.

“Pay by Bank is a great example of how we develop technology with our clients’ business models top of mind,” said Chris Jameson, head of Product Management, GTS EMEA at Bank of America. “For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience.”

Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants.

“Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe. We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online,” said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America.

Key capabilities of Pay by Bank include:

• Reduces customer data storage – since a card is not required and it is an online ‘account to account’ payment, companies do not need to obtain and store customer card data.
• Streamlines reconciliation – incoming payments are added to a company’s receivables, so they can view everything together in one place.
• Provides an enhanced customer experience – the user interface can be adapted by market location and country.
• Makes online checkout simpler, faster and more secure:
  • easy and quick to set up by connecting to a company’s existing payment system using APIs.
  • leverages the customer’s bank authentication network.
  • avoids card processing fees.