Pay By Bank Account

Instant bank to bank transfer payments made easy, no debit or credit card required.

SECURE INSTANT PAYMENTS

Add bank to bank transfer options to your online payment journey, and receive funds straight away, free from any risk of chargebacks and card-not-present (CNP) fraud.

Customers can pay directly on desktop, mobile or using their banking app, without the need to remember sort codes or account numbers.

All powered by the Open Banking initiative, growing 500% since 2020.

Open banking is the process of banks and other financial institutions opening up data for anyone who consents to allow the access, use and sharing of their details. The goal is to improve financial services and increase transparency for customers, and was introduced as part of the Payment Services Direct (PSD2). As a result, new applications and payment methods are being developed for businesses and customers alike.

At the end of 2021, cumulatively over 26.6m open banking payments had been made. An increase of more than 500% in 12 months – Source

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Key Benefits

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Secure

All payments are made using the customers’ online banking details or app so it is completely secure
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Easy for Customers

Use desktop, mobile device or banking app to pay

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Lower Fraud Risk

No risk of card-not-present (CNP) fraud
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Improve Cash Flow

Payments reach your business in seconds with direct bank payments

No Costly Chargebacks

Verified Customer identity means no chargeback fees or admin

What Is Open Banking?

Open banking is the process of banks and other financial institutions opening up data for anyone who consents to allow the access, use and sharing of their details. The goal is to improve financial services and increase transparency for customers, and was introduced as part of the Payment Services Direct (PSD2). As a result, new applications and payment methods are being developed for businesses and customers alike.

At the end of 2021, cumulatively over 26.6m open banking payments had been made. An increase of more than 500% in 12 months – Source

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How Does it Work?

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1. When making a payment online, Customers can select the Pay with Bank option available on the screen. This can be alongside other payment methods such as Card, PayPal, Cryptocurrency etc.

The amount to pay can be open, or set to the total amount due to be paid.

A unique QR code is displayed, allowing the customer to scan in and continue on their mobile phone (no app required). Alternatively, the customer can continue on their desktop screen.

2. A list of all major UK and European banks will appear. The customer selects the bank which they would like to make the payment from.

The Customer is taken to their own Bank’s Online Banking or App, which will ask to verify their login details and identity.

3. They can then select which account to pay from. No sort code, account number, card number or expiry details are required.

Once the payment amount is confirmed, funds are paid instantly to your business. An email receipt is issued, and the Customer is taken back to the online checkout screen, advising them that the payment has been successful.

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1. When making a payment online, Customers can select the Pay with Bank option available on the screen. This can be alongside other payment methods such as Card, PayPal, Cryptocurrency etc.

The amount to pay can be open, or set to the total amount due to be paid.

A unique QR code is displayed, allowing the customer to scan in and continue on their mobile phone (no app required). Alternatively, the customer can continue on their desktop screen.

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2. A list of all major UK and European banks will appear. The customer selects the bank which they would like to make the payment from.

The Customer is taken to their own Bank’s Online Banking or App, which will ask to verify their login details and identity.

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3. They can then select which account to pay from. No sort code, account number, card number or expiry details are required.

Once the payment amount is confirmed, funds are paid instantly to your business. An email receipt is issued, and the Customer is taken back to the online checkout screen, advising them that the payment has been successful.

WORKS WITH ALL MAJOR UK BANKS

Banks

And many more…

Get Started

Interested in adding card-less options to your customer online payment journey?

Talk to us and we’ll help you decide if Open Banking powered payments will work for you.

MarkKelly

Mark Kelly

Chief Commercial Officer (CCO)