Bank of America and UK Fintech, Banked Ltd Extend payment by bank to euro currency payments

Bank of America’s innovative online payment solution, Pay by Bank, is now available for payments in euros. Delivered in partnership 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 give customers a competitive edge.

“Pay by Bank is a great example of how we develop technology with our customers’ business models in mind,” said Chris Jameson, Head of Product Management, GTS EMEA at Bank of America. “For example, the Pay by Bank interface can be customized by European market location and country, which in turn optimizes the local user experience.”

Pay by Bank transactions, which are based on the concept of Open Banking, happen in real time and do not require any credit or debit card details. This creates a simple, fast and secure online payment process that benefits consumers as well as merchants.

“Our Merchant Services customers annually process 8.7 billion transactions ($438.3B in 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 delighted to expand Pay by Bank for Eurocurrency payments and continue to offer consumers more choice in how payments can be made online.”

• Reduces customer data storage – as no card is required and it is an online “account to account” payment, businesses do not need to obtain and store customer card data.
• Streamlines reconciliation – incoming payments are added to a company’s accounts receivable, so they can see everything in one place.
• Provides an improved customer experience – the user interface can be customized by market location and country.
• Make online payment easier, faster and safer:
  • 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.

Payment by bank in euro currency 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 Payments and Finance by Euromoney for the second consecutive year.

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and mid-market businesses and large corporations with a full range of banking, investment, asset management and other financial and risk management products and services. The company offers unmatched convenience in the United States, serving approximately 67 million consumer and small business customers 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 worldwide. Bank of America offers industry-leading support to approx. 3 million small business households through a suite of innovative, user-friendly online products and services. The company serves customers through operations throughout the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Megan Pearson, Bank of America
Telephone: +44 (0)20 7995 6977
[email protected]