Financial service provider Mollie will look to expand its account-to-account (A2A) payment offering with Pay by Bank via a partnership with Ivy.
The instant payments provider was selected by Mollie due to its infrastructure providing support for Pay by Bank, enabling bank payments and refunds in real-time, while also providing merchants a reduced transaction time and costs as well as mitigating fraud.
Ivy also possesses extensive coverage, conversion rates and efficient APIs that will help process A2A payments for Mollie to over 5,000 banks through a single API.
End customers will also be able to benefit from a more simplified checkout process. They can select ‘Pay by Bank’ at the checkout and confirm the payment amount which will then be authorised by their bank’s preferred SCA method, such as Face ID, commonly used more now with the likes of NatWest in the UK.
Johannes Claudi, Principal Product Manager at Mollie, said: “Partnering with Ivy for our ‘Pay by Bank’ solution was a strategic decision to provide our merchants with faster, more secure payments.
“Ivy stood out globally with its seamless integration, international coverage, and high conversion rates. Their white-label technology allows us to replace legacy systems with a future-proof solution that cuts costs and scales with our merchants’ evolving needs.”
Without the need to enter card details and other manual processes, Pay by Bank is quickly gaining popularity amongst payment service providers, merchants and customers.
Mollie has been supporting A2A payments like Pay by Bank for quite some time now. As it seeks to develop upon some initial A2A payment rails, like SOFORT and iDeal, Mollie partnered with Ivy to gain an A2A service that will accelerate these payments further.
A2A payments are quickly gaining traction amongst consumers due to personalised effects and seamless payment transaction times.
Juniper Research uncovered in a report that global instant bank payments are forecasted to reach $330bn by 2027. Mollie and Ivy are aiming to be at the forefront of this trend and become established players in the A2A space.
“Ivy is building what is being dubbed as the world’s first default global, default instant payments platform,” said Ferdinand Dabitz, CEO and Co-Founder of Ivy.
“Forward-thinking companies like Mollie are leading the global shift towards instant bank payments – across various use cases. As legacy rails phase out, more merchants are adopting real-time payment rails as a future-proof solution to reduce costs and increase speed.”
