Open Banking Payments – Unlocking the Power of Pay by Bank
Following Donal McGuinness’s talk at the Open Banking Expo on encouraging merchant adoption of open banking payments through payment orchestration, we are delighted to share our key findings to date in this latest client insights paper.
We have seen a 100% increase in Pay by Bank adoption in the past 6 months.
Access full report here.
🚀 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 Builders Merchants 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 (Card and Bank) is now available as a Web Payment, not dependent on Pay by Link.
Faster payments, reduced costs. Learn more about Prommt’s Pay by Bank solution.