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Latest Press
July 9, 2024 Event Payments: How Open Banking Improves Security, Speed and Guest Satisfaction

Irish Tech News

For hotels, hosting events like weddings and conferences goes beyond providing a venue. It involves orchestrating a symphony of services while ensuring every transaction is as smooth as the occasion itself. Enter open banking, a game-changer for high-value event payments.

Open banking eliminates the hassle of card limits and costly processing fees and offers a safer, faster, and more cost-effective alternative to manual bank transfers, drafts or cheques. It transforms event payments with automation and enhanced security by saving time, cutting transaction fees, and lowering operational costs. It reduces fraud and data risks, while exceeding guest expectations for seamless transactions.

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July 4, 2024 Prommt selected as Finalist for Pay360’s Best Open Banking/ A2A Initiative Award

Pay360 Awards 2024 | The Payments Association

Prommt is thrilled to be selected as a finalist for Pay360’s Best Open Banking/A2A Initiative Award 2024! Prommt is a payments orchestration platform that is revolutionising remote payments for enterprises and their clients. We have expanded Pay by Bank use cases across hospitality, luxury retail, builders merchant and automotive sectors with its pay by link capabilities. Our solution enables secure, seamless checkouts via SMS, email, chat, web, or in-app, offering Pay by Bank as a default or alternative payment method based on a set of orchestration parameters such as transaction value, location, or customer type.

It is a huge honour for us to be recognised as a company driving impact in the world of payments, and a testament to our team’s hard work and dedication to excellence. We’re looking forward to the awards ceremony in October, and wish all the finalists in our category the best of luck!

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July 2, 2024 Simplify Wedding Payments with Open Banking

Business Age

“Dealing with large sums brings unique challenges, and this is where open banking can be a lifesaver. It eliminates the constraints of card limits and costly processing fees and offers a safer, quicker, and more efficient alternative to traditional bank transfers, drafts, or cheques,” writes Donal McGuinness, CEO at Prommt.

Wedding planners must balance deposits, final payments, and ensure smooth transactions while coordinating with multiple vendors. Vendors frequently face payment delays that impact cash flow and service delivery. Venues manage booking fees, milestone payments, and refunds, often with outdated spreadsheets. Risks like fraud, chargebacks, data breaches, and human errors complicate payment administration and increase costs. Meanwhile, the happy couple must budget meticulously, track expenses, and ensure payments stay on schedule, all without dampening their excitement for the big day.

In his latest op-ed for Business Age, Donal explains how open banking accelerates payments, increases savings, reduces fraud, and ensures data compliance.

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Latest Publication
Latest Pay by Bank Client Insights - June 2024
Latest Pay by Bank Client Insights, June 2024

Pay by Bank (PBB) revolutionises bank payments by replacing the cumbersome process of sharing IBANs and account numbers with a seamless digital experience. Unlike card payments, PBB eliminates chargebacks, card fraud, and payment operation costs, making it a game-changer for high-value transactions. Additionally, PBB does not incur scheme or interchange fees.

In our latest client insights paper, we share key findings to date.

Highlights include:

  • PBB performs best when combined with Card. Prommt’s payment orchestration controls drive adoption and reduce costs for high-value payments without affecting customer experience. Over 60% of Prommt’s clients have adopted PBB.
  • Payment failure rates are significantly lower for Bank than for Card, with average success rates exceeding 93%.
  • PBB accounts for 25% of our total payment volume (TPV).
  • The automotive sector is the most popular for Pay by Bank, representing over 88% of TPV, with the highest single transaction in this sector reaching £95,000.
  • The average transaction value (ATV) for bank payments is now three times that of card payments. Luxury retail boasts the highest ATV at £3,746.
  • Motorpoint, a leading motor retailer, saved over £100,000 in the first 8 months after launching PBB.
  • Wilsons Auctions have replaced the majority of their card transactions with Open Banking.

Discover more, including adoption use cases, industry-specific highest transaction values & ATVs and current limitations, in our full report.

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How PayTech innovation is creating new value in MOTO
How PayTech innovation is creating new value in MOTO

A whitepaper by Edgar Dunn & Company, commissioned by Prommt and Barclaycard

Pay by Link is establishing itself as an alternative in the evolution of digital payments. Smarter and more sophisticated solutions are reducing costs and improving the customer experience, helping to increase sales in the remote payments market.

Fraud and the protection of customer data provide an ever-increasing challenge for the payment industry. Evolving Pay by Link solutions offer significantly improved protection and peace of mind to customers and merchants offering high value goods and services. It not only protects and supports the entire payments value chain, but it provides a high level of customer experience offering significant advantages for merchants to safely drive and increase sales in specialised markets.

Explore the evolving landscape of traditional MOTO payments, the challenges faced by merchants, the advancements in Pay by Link innovation and its benefits in the remote payment sector.

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