Bank of America launches an online payment solution, “Pay by Bank”
BofA teams up with
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
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
The solution is currently available in the
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