Bank of America launches an online payment solution, “Pay by Bank”

BofA teams up with United Kingdom Fintech Banked Ltd to provide payment innovation

Bank of America today announced its latest online payment solution called Pay by Bank. Launched in collaboration with Banking Ltd.this new feature allows e-commerce business customers, initially in the UK, to pay directly from their bank account. Pay by Bank transactions, which are based on the concept of Open Banking, take place in real time and do not require any credit or debit card information. This makes online payment easier, faster and safer.

How Pay by Bank works

A customer adds an item to their online shopping cart and proceeds to the checkout page.

They select the “Pay by Bank” payment option and then their own personal bank from the menu.

To authenticate the payment, they simply validate using their existing login credentials via their online banking platform.

Once authenticated, the payment is sent directly from the customer’s bank to the company’s account.

The customer is returned to the payment page and the transaction is completed.

“The launch of Pay by Bank is part of our ongoing cycle of technology investment that helps us keep our customers on the cutting edge,” said Matthew Daviesco-head of Global Corporate GTS Sales and head of GTS EMEA at Bank of America. “The solution will help customers create a better experience for their own customers and help them stand out from their competition.”

Main advantages of Pay by Bank

Reduced customer data storage – since a card is not required and it is an “account-to-account” online payment, businesses do not need to obtain and store customer card data.

Simplified reconciliation – incoming payments are added to a company’s receivables, so they can see everything together in one place.

Simple connectivity – easy to set up by connecting it to a company’s existing treasury system using APIs.

Security – operates the customer’s banking authentication network.

Cost effective – avoids card processing fees.

“The breadth and scale of our technology development comes from sustained strategic investments. We are proud to launch Pay by Bank and continue to support our customers with tools that can positively impact their business,” said Andrew McKibbenGlobal Head of Technology and Operations at Bank of America.

The solution is currently available in the UK. Further deployments will take place in other countries and regions in the near future.

Bank of America is an award-winning provider of global transaction services and was recently named the world’s best bank for payments and Treasury through Eurocurrency and Outstanding Financial Innovator by World Finance Review.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses and large corporations with a full range of banking, investment, asset management and other products and services and financial and risk management services. The company offers unparalleled convenience in United Statesserving approximately 67 million retail and small business customers with approximately 4,200 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a wide range of asset classes, serving businesses, governments, institutions and individuals worldwide. Bank of America provides 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 its customers through operations across United Statesits territories and about 35 countries. Bank of America Corporation (NYSE: BAC) is listed on the New York Stock Exchange.

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Journalists can contact:

Megan Pearson, Bank of America

Telephone: +44 (0)20 7995 697

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