In today’s fast-paced digital world, businesses are constantly seeking innovative ways to streamline their payment processes and enhance customer experience. Our proprietary open banking solution ‘Pay by Bank’ offers a seamless and secure way for consumers to make online payments directly from their bank accounts. Let’s dive into the features and benefits of our Pay by Bank solution and explore how it can be used in parallel with traditional card payments to create an optimised payments ecosystem.

What is Pay by Bank?

Pay by Bank is a streamlined payment method that enables customers to make online payments directly from their bank accounts, leveraging the existing infrastructure of their financial institutions. It eliminates the need for customers to enter their card details or log in to separate payment gateway, making the payment process more convenient and efficient. With Pay by Bank, users can authenticate themselves securely and authorise transactions directly from their trusted banking app or online banking portal.

Seamless integration and user experience

One of the key advantages of our Pay by Bank solution is its seamless integration with various e-commerce platforms and merchant websites. Businesses can easily incorporate this payment method into their existing checkout systems, offering customers a smooth and hassle-free payment experience. By providing a unified payment interface across multiple banks, Pay by Bank ensures consistency and convenience for customers, regardless of who they bank with.

Enhanced security and trust

Amid increasing concerns over data breaches and online fraud, security is of paramount importance for both businesses and consumers.’s Pay by Bank solution addresses these concerns by leveraging the security measures already implemented by financial institutions. As customers authorise transactions through their banking apps or online banking portal, Pay by Bank ensures a high level of authentication and encryption, significantly reducing the risk of unauthorised access or fraudulent activity.

Real-time payments and instant refunds

 Traditional card-based transactions can sometimes involve delays in settlement and refunds, causing inconvenience for both businesses and customers. With’s Pay by Bank solution, payments are processed in real-time, helping accelerate the fulfilment process. Additionally, when businesses settle the funds directly into an ledger this allows for full visibility of the funds being settled.

In the event of cancellations or refunds, Pay by Bank ensures swift and seamless reversals, eliminating the frustration associated with waiting for funds to be credited back to customer accounts. This feature enhances customer satisfaction and encourages loyalty towards businesses that prioritise efficient payment processes.

Consumer reach and financial inclusion

Another advantage of’s Pay by Bank solution is its potential to reach a broader consumer base, including individuals who do not possess or prefer not to use credit or debit cards. By facilitating payments directly from bank accounts, this solution promotes financial inclusion and ensures that a wider audience can participate in the digital economy. This not only benefits consumers but also opens new avenues of growth for businesses by tapping into previously unexplored markets.

When it comes to sectors such as lending and debt collection, introducing the option for borrowers to pay via Pay by Bank from a different bank account than the one linked to a borrowers Continuous Payment Authority (CPA) or Direct Debit (DD) allows borrowers to make loan repayments from an account of their choice, enabling them to manage their cash flow more effectively. This benefits both the lender and the consumer. Open banking also enables borrowers to have the flexibility to select the repayment amount within their means. This set up ensures that the lender can collect repayments effectively, while also safeguarding the consumer’s financial well-being by allowing them to pay back only what they can afford in a given month.

Catering to customer preferences

Customers have diverse payment preferences, and we therefore recommend offering multiple payment options to cater to a wider range of customer needs. While some customers may prefer the convenience of card payments, others may prefer the security and direct access of Pay by Bank. Customers may event abandon their shopping carts if their preferred payment method is not available. By offering both payment options, businesses can accommodate various customer preferences and increase the likelihood of checkout conversion.

Preparing for the future of payments

As e-commerce continues to thrive and evolve, businesses must adapt to changing consumer preferences and expectations.’s Pay by Bank solution empowers businesses to offer a modern and secure payment experience that aligns with the needs of today’s tech-savvy customers. By simplifying the payment process, ensuring robust security, and facilitating real-time transactions, Pay by Bank can be a game-changer for businesses who take online payments.

Find out more about our Pay by Bank solution here.