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 payments

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.

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.

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.

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.

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.

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?

Retail Jeweller, August 2023

The world of online banking and payments can feel like a rabbit hole; once you fall down it, there are many different (and often confusing) things to consider. Prommt has been featured in the latest issue of the Retail Jeweller, exploring ‘open banking’ and how it is helping luxury jewellers fight fraud in a challenging economic climate.

Bank of Ireland | Think Business

According to data from TechIreland, investment in Irish fintech businesses was up 37% to €363m in 2022.  As well as being a magnet for global financial services, Ireland boasts a powerful line-up of young but globally-focused fintech players. Here are 20 to watch.