The American Express-powered ‘Pay-with-Bank Transfer’ (PwBt) tool has revealed Canadian fintech firm Nuvei Corporation as its first acquirer authorised to sell it.
With the Open Banking-enabled payment method, consumers are enabled to complete transactions from their bank accounts without the need to input their card details or additional authentication checks. In that sense, PwBt offers payments with competitive processing fees that are reconciled in real-time.
Thanks to the new partnership, Nuvei can now promote and distribute the solution to new and existing merchants in the UK and support them with a comprehensive Open Banking payment method that is easily integrated into their eCommerce platforms.
A study cited by Nuvei and American Express reveals that over seven million customers in the UK are currently making payments directly from their bank accounts with the support of Open Banking.
These include companies in the travel and utility sectors that have been painted as early adopters, which can now also rely on PwBt’s instant payments.
On the other hand, merchants in the Nuvei network will be able to onboard the tool into their existing online checkouts, which combined with Nuvei’s stack of payment solutions will allow online business to optimise their back-end payments flow through a single connection.
Philip Fayer, Nuvei Chair and CEO, commented: “We’re proud to be offering Pay with Bank transfer to our merchant partners to help them meet growing customer demand for efficient, secure payment options.
“Our mission is to enable our customers to get closer to their customers through payments, wherever they are and however they want to pay. Powered by American Express, but available to anyone with a UK bank account, we know Pay with Bank transfer goes above and beyond to ensure a secure, yet frictionless, service that is available to everyone, and we’re delighted to be working together to bring these benefits to a new customer base.”
PwBt’s integration with Nuvei precedes an upcoming co-authored whitepaper by the fintech in collaboration with American Express, which will explore consumer attitudes, awareness and understanding of Open Banking payments, and examine the key factors for a widespread merchant adoption.
Holly Coventry, Vice President, International Open Banking Payments, added: “In today’s digital-first world, consumers are looking for simple and secure ways to make payments. Merchants that recognise this are seeing stronger conversion numbers and reduced cart abandonment.
“The partnership with Nuvei will help us bring PwBt to more merchants, addressing these pain points and offering them a host of other benefits such as instant reconciliation and attractive processing fees.
“This will help ramp up more widespread consumer adoption as the more frequently they’re given the option to use Open Banking payments, the more they will begin to trust and understand the benefits.”