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.October 23, 2023 Prommt reports 100 percent increase in open banking adoption rates
Irish 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.”October 23, 2023 Prommt reports 100 percent increase in open banking adoption rates
Financial 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.October 17, 2023 Prommt reports 100 percent increase in open banking adoption rates
Finextra | Payments Innovation
“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.” writes Donal McGuinness, CEO at Prommt.
A report from Prommt demonstrates Pay by Bank adoption has more than doubled since April 2023 with strong adoption among its client base within automotive, hospitality, hardware, and luxury retail sectors. Prommt’s award winning orchestration controls are creating significant business transformation. Pay by Bank integrates seamlessly to checkouts that follow payers wherever they are – text, email, chat, web or in-app.
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. Our solution eliminates the need to share IBANs and account numbers and the friction associated with that payer experience, often a key driver for late paymentsSeptember 22, 2023 Open banking: Shaping the future of FinTech and Finance
Global Banking & Finance Review | Donal McGuinness, CEO at Prommt
“Open banking is not intended to replace traditional banking. Instead, it can be a powerful ally for legacy institutions to modernise and stay relevant in an ever-changing financial market,” writes Donal McGuinness.
This new era of financial data sharing enables small companies to compete with larger players. Favourable market dynamics are driving disruption in the remote payments market, with mobile devices, mobile banking, and regulatory support playing a major role. The digital space is now replete with the potential for data-driven decision-making, improved risk assessments, seamless payments, customer satisfaction, and retention.September 13, 2023 What today’s shoppers want from payment experiences
Swipe, Click, Tap: The Rise of Seamless, Digital Payments
What sets Gen Z and Millennials apart is their innate comfort with technology, coupled with a strong preference for digital and mobile payment methods. They trust payment technology, are better able to spot fraud, and welcome innovation that facilitates frictionless payments such as embedded payment links and open banking.
As these generations gain financial independence, their economic clout will only increase, shaping the very future of payments. Businesses must adapt and cater to their expectations, or risk being left behind. Here are the top three traits today’s tech-savvy shoppers look for in payment experiences.September 12, 2023 Capture Millennial and Gen Z Flexible Payments and Connected Shopping Experiences
ReadWrite | Donal McGuinness, CEO of Prommt
“The rise of Millennial and Gen Z powerhouses and how they are shaping the shopping landscape, is forcing companies to adapt or risk being left behind,” writes Donal McGuinness, CEO of Prommt.
From embedded payment links to open banking, the key to winning over Millennials and Gen Z lies in aligning your payment solution with their expectations. This cohort craves convenience, personalisation, and a frictionless checkout process that mirrors their fast-paced lives. Here are five ways to effectively capture this dynamic duo’s demands for flexible payments and connected shopping experiences.September 11, 2023 Streamlining Hotel Payments: Euronet Merchant Services’ PaybyLink solution partners with Prommt
HOSPA | Euronet Merchant Services
In the fast-paced world of modern hospitality, managing customer payments can be a challenging endeavour. Hotels often face compliance requirements, the risk of data breaches, and the vulnerability to fraud and chargebacks. Additionally, customers may feel uncomfortable sharing their sensitive details over the phone.
To address these concerns, Euronet Merchant Services has partnered with Prommt to provide an innovative payment solution that not only reduces risks, but also delivers an elegant and secure payment experience consistent with the hotel’s brand identity.September 10, 2023 Swipe Left On Outdated Payments: What’s Trending With Modern Shoppers
Minute Hack | Donal McGuinness, CEO of Prommt
Millennials and Gen Z trust payment technology, have a better eye for spotting fraud, and welcome innovations that facilitate frictionless payments. What sets them apart is their innate comfort with technology, coupled with a strong preference for digital and mobile payment methods. They want “invisible” payments that seamlessly integrate into their daily routines.
As these younger generations gain financial independence, their economic influence continues to grow, reshaping the future of payments. To stay ahead of the game, businesses must adapt and cater to their unique expectations. Here are the top three traits today’s shoppers desire in payment experiences.September 9, 2023 Combat Card Fraud from Online Travel Agencies with Prommt Payment Requests
The Overview, HOSPA
Fighting fraud is an ongoing battle in the hospitality sector. Recent industry alerts have highlighted a concerning uptick in card fraud and chargebacks created by fraudsters piggybacking on OTAs. This poses risks to hotels’ revenue, reputation, and customer confidence.
How can hotels fortify their fraud prevention strategies?