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Latest Press
June 25, 2024 Open Banking Trends for 2024

CPA Ireland | Accountancy Plus

“The viability of any business hinges on the efficiency of your accounts receivable (AR) function. Customers need to make payments based on invoices received and Open Banking significantly optimises the AR function,” writes Donal McGuinness, CEO of Prommt.

Open Banking is rapidly gaining popularity in the Irish payments landscape, hitting a new level of maturity this year with increased users, services, and regulatory attention. It’s transforming higher-value transactions by eliminating card limits and costly processing fees, while providing a safer, faster, and more efficient alternative to traditional bank transfers, drafts or cheques. In this month’s issue of Accountancy Plus, Donal explores the top 5 Open Banking trends of the year.

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June 11, 2024 Secure Luxury: Open Banking Payments for High-Value Purchases

European Business Magazine

“As online shopping, live selling, and social commerce continue to grow, the luxury shopping experience must evolve to be more immersive, customised, and secure,” writes Donal McGuinness, CEO of Prommt.

Open banking payments are the ideal choice for luxury purchases. Customers experience a seamless, secure payment process directly from their banking app, while merchants enjoy reduced processing and operational fees, as well as strengthened fraud prevention measures.

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June 4, 2024 Live from Money20/20 Europe: Token.io and Prommt enhance Pay by Bank user experiences to maximise conversions

Token.io announces Prommt as first partner to leverage its new hosted payment pages; enhancing user experiences and maximising conversion for Pay by Bank.

Hosted payment pages are secure web pages that provide businesses with plug-and-play checkout or payment capabilities. Payment Service Providers (PSPs), banks and merchants can leverage Token.io’s white label ‘Hosted Pages’ to quickly and easily launch their own custom branded Pay by Bank capabilities while maximising conversions.

“By leveraging Token.io’s Hosted Pages, we can elevate the Pay by Bank experience for our merchants, enabling them to capitalise on the growing potential of open banking-enabled payments,” Stephen Culligan, Chief Product Officer at Prommt commented. “This not only helps businesses lower payment processing costs, improve liquidity and reduce fraud, but also empowers them to deliver exceptional payment experiences for their customers across multiple touchpoints and channels. We’re thrilled to continue our collaboration with Token.io as we drive the widespread adoption of Pay by Bank.”

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Latest Publication
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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Client Insights - Open Banking Payments, Q4 2023
Client Insights – Open Banking Payments, Q4 2023

Following our successful soft launch in July 2022, Pay by Bank has rapidly gained momentum, with an impressive 60% of our clients processing millions through open banking. We are sharing our key findings to date in this latest client insights paper.

Highlights include:

  • Clients achieve over 93% payment success rates.
  • Automotive is our top performing industry for Pay by Bank. The highest value Pay by Bank transaction in Automotive was €72,714.25.
  • The highest value Pay by Bank transaction within Hardware was £47,077 and within Luxury Retail was £66,400. The highest value within Hospitality was just under £20,000.
  • Average Transaction Value (ATV) continues to increase each month. The ATV for a Pay by Bank transaction (£4,040) is four times higher than the ATV for a card transaction (£990). Six months ago, the ATV for a Bank transaction was (£2,390) and for Card was (£675). This implies two things – Card transactions are not endangered, and Pay by Bank will continue to bring high-value transactions onto our platform.
  • The Prommt checkout is now available as a Web Payment, not dependent on Pay by Link.
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