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

Rhea-AI Summary

Bank of America has expanded its innovative online payment solution, Pay by Bank, to include euro currency payments, following its initial UK launch earlier this year. This service, developed with Banked Ltd., allows customers to make real-time transactions directly from their bank accounts without using credit or debit cards. The expansion aims to enhance customer experience and streamline payment processes across various European countries. This solution benefits both consumers and merchants by offering a quicker and more secure online checkout.

Positive

• Expansion of Pay by Bank to euro currency payments enhances service offerings.
• Real-time transactions improve customer satisfaction and merchant efficiency.
• Pay by Bank reduces customer data storage and associated risks.
• Service leverages Open Banking for a secure payment process.
• Projected to enhance competitive edge in European market.

Negative

• None.

Solution Supports Real-Time Transactions, Benefiting Consumers and Merchants

LONDON, Oct. 10, 2022 /PRNewswire/ -- Bank of America's 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," said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. "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." 

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.

Watch the Pay by Bank video to find out how it works.

Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies. 

Bank of America is an award-winning provider of global transaction services and was most recently named the World's Best Bank for Payment and Treasury by Euromoney for the second year in a row.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com

Reporters may contact:
Megan Pearson, Bank of America            
Phone: +44 (0)20 7995 6977
megan.n.pearson@bofa.com 

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SOURCE Bank of America Corporation

FAQ

What is Pay by Bank by Bank of America?

Pay by Bank is an online payment solution that allows customers to make payments directly from their bank accounts in real-time, without needing credit or debit card details.

When was Pay by Bank expanded to euro currency payments?

The expansion to euro currency payments was announced on October 10, 2022.

Which countries will initially have access to Pay by Bank for euro payments?

Initially, Pay by Bank for euro payments will be available in France, Germany, and Spain.

How does Pay by Bank improve the payment process?

Pay by Bank simplifies and secures the online checkout process, reduces data storage requirements, and streamlines payment reconciliation for merchants.

What is the impact of Pay by Bank on Bank of America's business?

The service is expected to enhance customer experience and provide a competitive edge, potentially increasing transaction volumes and merchant satisfaction.