Business Age
We’ve all been there. Typing out that never-ending string of numbers and letters, double-checking if we’ve got it right, and wondering if there’s a better way to pay. Spoiler alert: there is.
Say goodbye to tedious manual bank transfers. Things are getting a lot easier thanks to changing payer expectations and wider adoption of open banking payments.
Merchants don’t need to send their bank details in a PDF, asking customers to set them up as a payee and then complete payment. Now, it’s all automated. From a secure, branded checkout, payers then simply authorise the payment via their mobile banking app. Simple, quick and seamless.
Find Out More October 23, 2023 Prommt reports 100 percent increase in open banking adoption ratesIrish Tech News
The adoption of Prommt’s Pay by Bank solution has more than doubled, with businesses processing tens of millions per month through open banking across the UK and Ireland, and many implementing it as their default payment method.
While card remains and will continue to remain an important payment method, there is a growing trend of processing higher-value transactions via Pay by Bank. This solution powered by Prommt eliminates the need to share IBANs and account numbers and the friction associated with that payer experience, often a key driver for late payments.
Commenting on the doubling in demand for open banking services, Donal McGuinness, CEO of Prommt said, “We’ve seamlessly integrated Card and Open Banking payments, creating a powerful synergy that not only drives profitability for our users but also elevates the overall payment experience for payers. Demand has soared for open banking solutions and its ability to empower companies to achieve faster payments with reduced costs.”
Find Out More October 23, 2023 Prommt reports 100 percent increase in open banking adoption ratesFinancial IT | Innovations in FinTech
Prommt’s payments platform has seamlessly integrated both card and open banking capabilities to empower their clients to process payments dynamically according to their specific needs. By offering both Card and Pay by Bank options, Prommt’s clients are able to choose the most cost effective payment method for every transaction type. This dual card/bank offering has resulted in higher open banking adoption and a consistent increase in transaction volumes on a monthly basis. Prommt’s clients achieved over 93% payment success rates when orchestration controls of Pay by Bank and Card are in use.
Find Out More
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.
Introduction to Prommt
Prommt enables businesses to request, collect and track remote payments from their customers with secure payment links via any payment type, any channel, at scale.
When customers want to pay by phone or a product doesn’t lend itself to e-commerce shopping carts, Prommt allows you to turn risky, time-consuming over the phone transactions into secure, convenient, online payments. Our orchestration tools offers the ability for businesses to easily present card or bank as a payment method.
Prommt focuses on security and confidence and a journey that is native to the retailer.
Ready to get started?
We are available 24/7 to help your payments perform at a world-class level.
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