Bank of America and Banked extend Pay by Bank to euro currency payments

This development follows the UK launch of Pay by Bank in February 2022 and allows customers of ecommerce 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.

What benefits Pay by Bank brings?

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. 

Representatives from Bank of America explained that their merchant services clients annually process 8.7 billion transactions (USD 438.3 billion by volume) online and in store, in the US, Canada, and Europe. They are happy 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;

• Streamlines reconciliation, where incoming payments are added to a company’s receivables, so they can view everything in one place;

• Provides an enhanced customer experience with a customisable user interface;

• Connects to a company’s existing payment system using APIs;

• Leverages the customer’s bank authentication network;

• Helps customers avoid card processing fees.

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.

More details on Bank of America

Bank of America is a financial institution 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 bank serves approximately 67 million consumer and small business clients with approximately 4,000 retail financial centres, around 16,000 ATMs, and 55 million verified digital users.