Monday, November 11, 2024
Fintech Connect Leaderboard | FFNews

Breaking News

SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Akuna Wallet Unlocks the Digital Economy for African Creatives Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Ozean Partners With HELIX to Bring $100M of Private Credit On-Chain Ebury Expands Its Presence in International Football With C.D. Leganés Sponsorship Isle of Man Launches Sustainable Finance Roadmap to Establish Leading Position in Green Finance Higlobe Partners with Bitso Business to Provide Freelancers  And Small Businesses with New Crypto Payment and  Investment Options Through the Bitso Platform TD Integrates With TouchBistro to Provide Payment Solution to Canadian Restaurant Owners Caruso and Fidel API Renew Partnership to Enhance Consumer Experience With Innovative Card-Linked Offers Wealth Management Firms Expected to More Than Double AI Budgets: Wipro Survey Kemba Credit Union Launches Alkami’s Digital Banking Platform for Retail and Business Members Groov Secures £1.5m to Pioneer Next-gen Embedded Lending Solution to Solve the $1.2trn Funding Gap in the Global SME Sector Nine in Ten Businesses Think Sustainability Will Impact Their Future Operations, but Many Don’t Yet Have Targets to Aim For

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.

Companies In This Post

  1. SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Read more
  2. Akuna Wallet Unlocks the Digital Economy for African Creatives Read more
  3. Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Read more
  4. Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Read more
  5. Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Read more
300-300 EBINTEC Banner