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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