Bank of America and UK fintech extend payment by banking platform to euro currency payments
Bank of America’s innovative online payment solution, Pay by Bank, is now available for payments in euros. Delivered in partnership 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 give customers a competitive edge.
“Pay by Bank is a great example of how we develop technology with our customers’ business models in mind,” said Chris Jameson, Head of Product Management, GTS EMEA at Bank of America. “For example, the Pay by Bank interface can be customized by European market location and country, which in turn optimizes the local user experience.”
Pay by Bank transactions, which are based on the concept of Open Banking, happen in real time and do not require any credit or debit card details. This creates a simple, fast and secure online payment process that benefits consumers as well as merchants.
“Our Merchant Services customers annually process 8.7 billion transactions ($438.3B in volume) online and in-store, in the US, Canada and Europe,” said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. “We are delighted to expand Pay by Bank for Eurocurrency payments and continue to offer consumers more choice in how payments can be made online.”
The key features of Pay by Bank include:
- Reduces customer data storage – as no card is required and it is an online “account to account” payment, businesses do not need to obtain and store customer card data.
- Streamlines reconciliation – incoming payments are added to a company’s accounts receivable, so they can see everything in one place.
- Provides an improved customer experience – the user interface can be customized by market location and country.
- Make online payments easier, faster and safer: Simple and quick to set up by connecting to a company’s existing payment system using APIs.
- 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.
Payment by bank in euro currency will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies.
