Open Banking Expo Awards 2024
We are thrilled to announce that Prommt has won “Best Open Banking Payments Project” at the Open Banking Expo Awards in London last night! This recognition is a testament to our team’s hard work and commitment in driving innovation and excellence in payments!
Seamless and flexible payment options are essential for the success of open banking payments. Prommt’s smart payment orchestration empowers merchants to automatically present the most suitable payment method – bank or card – based on transaction value or location. This dynamic approach drives adoption, reduces costs on high-value transactions, and ensures a frictionless payment journey. Optimising the payment options offered to customers is a key factor in maximising success.
“Its model gives real payment choice to merchants and their customers, with new methods like Pay by Bank co-existing alongside more conventional methods, like cards. Prommt has seen particular traction with Open Banking in sectors with high-value transactions, and was able to demonstrate real savings for merchants.”
Find Out More September 25, 2024 Prommt selected as Finalists for Payments Innovation, Innovative Banking Product and FS TrustFS Awards 2024
We’re on a roll! After being selected as finalists in a category each for the Pay360 and Open Banking Expo Awards and two categories for the National Fintech Awards, Prommt has now been nominated as finalists in THREE categories for the FS Awards – Payments Innovation, Innovative Banking Product and FS Trust!
What sets us apart are our smart payment orchestration tools that enable merchants to present the optimum payment method – bank or card – dependent on transaction value, location or type. They can set chase paths for failed or abandoned transactions, offering alternative payment options to maximise payment success. This approach helps them save on high transaction fees and operational costs while significantly reducing the risks of card fraud, chargebacks, and data breaches.
As a leader in remote payments, Prommt’s success is built on trust. We offer secure, merchant-branded payment journeys with customisable email templates and embedded links. By integrating checkout into the merchant’s site with consistent branding, we ensure a familiar and reliable payment experience.
Prommt is built for teams across multiple locations, offering powerful reporting and alerting features. It functions as a stand-alone platform or integrates seamlessly with systems like Oracle OPERA (V5 and Cloud) and Border CounterAct. With strong integration capabilities and partnerships with major payment gateways, clients can be up and running in as little as two weeks.
We’re thrilled to be recognised for our impact in the payments industry! It’s a true testament to our team’s hard work and commitment to excellence. We look forward to the awards ceremony in October, and wish all the finalists in our categories the best of luck!
Find Out More September 18, 2024 Q&A: Donal McGuinness, CEO of PrommtThe Retail Bulletin
In an interview with The Retail Bulletin, Prommt CEO Donal McGuinness dives into the fintech and open banking trends shaping the next decade. He discusses the challenges retailers face today and how innovations in payments technology can help overcome them. Donal also highlights how clients are leveraging Prommt for a competitive edge, the standout features that set our platform apart, and the strong partnerships that amplify the value of our solutions. Plus, get a glimpse into what’s on the horizon for Prommt.
Find Out More
Client Case Study in partnership with PXP Financial
“With Prommt, risky telephone and other remote transactions are now streamlined into a simple, secure online process – enabling faster payments, improving cash flow, and ensuring data compliance. We’ve significantly reduced chargebacks, fraud, and the time spent chasing payments.
Within six months, processing payments via OPERA Cloud have driven a significant increase – more than double – in the payment volumes being facilitated by Prommt at the hotel. We highly recommend Prommt to any hotel looking to save time, reduce costs, and optimise their payment processes while delivering a superior guest experience.”
Jane Swinbank-Smith, Head of Finance at The Rock Hotel Gibraltar
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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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