BofA and Banked Ltd Expand “Pay by Bank” for Euro Payments
(11 October 2022 – United Kingdom) Bank of America's (BofA) innovative online payment solution, Pay by Bank, is now available for Euro currency payments.
Delivered in conjunction with Banked Ltd, the development follows the United Kingdom (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 BofA is focused on delivering relevant C2B tools to help give its clients a competitive edge.
Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants.
Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies.
"Pay by Bank is a great example of how we develop technology with our clients' business models top of mind," said Bank of America’s head of Product Management, GTS EMEA, Chris Jameson. "For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience."
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