We are thrilled to announce our strategic partnership with TrueLayer, a leading European Open Banking payments network. Through the alliance, we will offer payments by bank transfer as an online checkout option for merchants across the UK and Europe.
With this solution, our merchants can leverage this new payment option to allow customers to instantly connect to their online banking environment at checkout for a secure and frictionless payment experience. By simply logging into their bank accounts to complete the payment, customers can swiftly complete transactions in seconds. There is no need to create additional accounts with TrueLayer or even manually enter financial account details such as the account number and sort code on the merchant’s website.
Once the customer verifies the payment through their preferred banking environment, they are automatically redirected to the merchant’s website and the transaction is complete. The amount is instantly deducted from their bank account, simplifying personal financial management for consumers.
The solution benefits merchants by reducing the risk of failed payments since customers do not need to manually enter payment information, which may result in errors such as typos or incorrect payment details. Additionally, another benefit is the minimised risk of fraud since consumers authenticate each payment directly through their banking environment.
The simplicity of Open Banking is proving to be an innovative force in the payments industry, with Juniper Research expecting that Open Banking payments transaction value will exceed $330 billion globally by 2027, highlighting the immense potential of this collaborative initiative.
Jon Horddal, Chief Product Officer at emerchantpay, comments:
"Providing our merchants with an Open Banking payment option aligns perfectly with our vision of connecting businesses and consumers everywhere. With TrueLayer’s innovative Open Banking network, we are excited to further simplify payments for our merchants and enable them to offer their customers additional modern, secure and convenient ways to pay."
Mariko Christine Beising, VP Financial Services & Partnerships at TrueLayer, said:
"We are thrilled to unveil our strategic collaboration with emerchantpay. This partnership will provide crucial support for businesses in Europe and the UK to bring speed, convenience and security to the experience of navigating the realm of Open Banking. By joining forces, we aim to empower emerchantpay’s merchants in the UK and Europe to craft enhanced payment experiences for their customers."
Accept payments seamlessly with emerchantpay’s Open Banking solution
We are a leading global payment service provider and acquirer for online, mobile, in-store and over the phone payments. We’re empowering businesses to design seamless and engaging payment experiences for their consumers with our Pay by Bank transfer solution.
Pay by bank transfer is one of over 60 payment methods we currently offer, which also includes Apple Pay and Google Pay™. We’ll work closely with you to map out a bespoke payments strategy that meets the unique needs of your business and customers. Our in-house and global merchant acquiring services means you can accept transactions easily across the globe. Further to this, you’ll have access to a dedicated Account Manager and Risk Analyst to help you optimise your payments strategy, with 24/7 technical support.
If you’d like to find out more about how emerchantpay can help you optimise your payments’ strategy with Pay by bank transfer, please contact a member of our team today.