ISX Financial Launches Open Banking Solution PaidBy® to Wix Merchants Across the UK.

Rhea-AI Summary

ISX Financial EU Plc (ISX) has partnered with Wix.com Ltd (NASDAQ: WIX) to provide UK-based merchants with access to PaidBy®, an open banking payment platform. The partnership aims to improve merchant checkout conversions, reduce chargebacks, and provide same-day payment to ISX-issued accounts, ultimately benefiting both merchants and their customers.

LONDON, Dec. 5, 2023 /PRNewswire/ -- ISX Financial EU Plc, the developer of PaidBy® www.paidbybank.com, the specialist open banking payment platform has partnered with Wix.com Ltd (NASDAQ: WIX), a leading global SaaS platform to create, manage and grow online presence. Through this partnership, Wix's UK-based merchants have access to PaidBy®, open banking payments service, and their customers can pay directly from their current banking app or web portal.

The safe & simple PaidBy® bank payment process will help improve merchant checkout conversions by offering a seamless experience, enabling customers to make payments in as little as three steps, all from the trusted environment of their banking app or web portal. PaidBy® starts with an automated online onboarding system, which enables UK merchants to complete their onboarding and Know Your Business process in minutes. This enables merchants to spend less time onboarding and more time transacting.

PaidBy® utilises the UK's open banking network, which connects the UK's largest banks, enabling them to move money between accounts in seconds. As cash flow is critical, Wix merchants in the UK will have access to their funds the same day. By eliminating the need for card schemes and networks, PaidBy® offers a seamless experience for merchants and their customers.

PaidBy® payment infrastructure further enables higher conversion rates with fewer chargebacks in a safer and more secure environment for merchants and their customers.

Managing Director & CEO Nikogiannis Karantzis said, "ISX Financial is thrilled to be partnering with Wix, on our full open banking orchestration service that competes with online card scheme processing. This mass application of Open Banking coupled with ISX-issued sort code-based merchant accounts and a full API-driven notification service is unique, innovative and will deliver real benefits for customers and merchants alike, and delivers the ease and flexibility that Wix is famed for.

"We are constantly finding new ways to support our merchants in order to provide them with innovative tools for business growth. This enables them to extend their online footprint, and deliver exceptional service to their customers," said Volodymyr Tsukur and Amit Sagiv, Co-Heads of Wix Payments. "We look forward to working with PaidBy to provide seamless open banking solutions to our UK merchants."

Merchants will benefit from same-day payment to their ISX-issued account 365 days per year, better assisting them to ultimately deliver products and services to their customers faster. "

Learn more about PaidBy® for Wix merchants here: www.paidbybank.com 

About ISX Financial:

ISX Financial EU PLC is a 'banktech' company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability. ISX Financial's multi-Currency IBAN accounts coupled with PaidBy®'s instant open banking provides merchants with a tailored payment solution to reach any UK or EEA bank account holders.

CONTACT: Jamie Ktenas, media@isxfinancial.com, +35722 0157 40

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SOURCE ISX Financial EU PLC

FAQ

What is the partnership between ISX Financial EU Plc and Wix.com Ltd (NASDAQ: WIX) about?

The partnership aims to provide UK-based merchants with access to PaidBy®, an open banking payment platform.

How will the partnership benefit Wix's UK-based merchants?

Wix's UK-based merchants will have access to PaidBy®, enabling their customers to pay directly from their current banking app or web portal, improving merchant checkout conversions and providing same-day payment to ISX-issued accounts.

What are the advantages of PaidBy® for merchants and their customers?

PaidBy® offers a safe and simple bank payment process, enabling customers to make payments in as little as three steps from the trusted environment of their banking app or web portal. It also provides higher conversion rates with fewer chargebacks and a more secure payment environment.

Who are the key figures involved in the partnership?

The Managing Director & CEO of ISX Financial EU Plc, Nikogiannis Karantzis, and the Co-Heads of Wix Payments, Volodymyr Tsukur and Amit Sagiv, are the key figures involved in the partnership.

How will the partnership support UK-based merchants in delivering products and services faster?

Merchants will benefit from same-day payment to their ISX-issued account 365 days per year, better assisting them to ultimately deliver products and services to their customers faster.