As organisations continue to modernise payment journeys and improve customer experience, recurring payments remain a critical part of revenue collection across multiple industries and sectors.
Today, Key IVR is pleased to announce a powerful new capability that enables organisations to set up and process recurring payment plans using Pay By Bank, powered by Open Banking technology.
This latest enhancement gives organisations greater flexibility in how they collect scheduled payments, while providing customers with a secure, convenient and highly trusted payment experience.
Why Key IVR introduced recurring Pay by Bank as an option:
Traditionally, recurring payments have relied heavily on card-based transactions and Direct Debit mandates. While effective, these methods can present challenges including expired cards, failed payments, administration overheads and lengthy setup processes. Pay By Bank introduces a modern alternative that allows customers to authorise payments directly from their bank account without needing to enter card details or sensitive banking information.
With Key IVR’s new recurring payment functionality, organisations can now offer customers the ability to set up payment plans on a schedule that suits them, whether weekly, fortnightly, monthly or at another agreed interval.
The process has been designed to be fast, intuitive and highly secure.
How does it work?
Customers or organisations begin by creating a payment plan and selecting their preferred payment frequency. During setup, customers are then given the choice to pay either by traditional card payment or via Pay By Bank.
If the customer chooses Pay By Bank, they simply review and confirm the payment plan before continuing to a secure bank selection screen. A comprehensive list of major UK and European banks is presented, allowing the customer to choose the account provider they wish to use for future payments.
They are then securely redirected to their own online banking environment or mobile banking app, where they authenticate using familiar login credentials and identity verification methods already trusted by their bank.
Once authenticated, the customer selects the account they would like payments to be taken from and authorises the recurring payment arrangement. Importantly, there is no need to manually enter card numbers, expiry dates, sort codes or account numbers at any stage of the process.
After confirmation is complete, the customer is seamlessly returned to the organisation’s checkout or payment screen where they receive confirmation that the plan has been successfully established.
For organisations, the benefits are significant.
By leveraging Open Banking technology, Pay By Bank can help reduce failed payments caused by expired or replaced cards, while also improving payment conversion rates through a streamlined customer journey. The solution also supports strong customer authentication requirements and aligns with growing consumer demand for secure digital payment experiences.
This is particularly well suited to organisations managing regular customer payments, including:
- Government and public sector services collecting scheduled fees or repayments
- Regulated financial services organisations managing instalment payments
- Utility providers processing recurring household payments
- Rail and transport operators offering subscription or ticketing plans
- Charities and not-for-profit organisations managing recurring donations
As Open Banking adoption continues to accelerate across the UK and Europe, Key IVR’s recurring Pay By Bank capability provides organisations with a future-ready payment solution that combines convenience, security and operational efficiency.
This launch forms part of Key IVR’s ongoing commitment to helping organisations modernise payment experiences across digital, telephony and customer service channels.
To learn more about recurring payment plans using Pay By Bank, visit our page here, or contact our team today by calling +44 (0) 1302 513 000 or email sales@keyivr.com
