Prommt won “Best Open Banking Payments Project” at the Open Banking Expo Awards 2024
"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."
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! 🏆 🎉 🚀 🥂
Prommt’s Pay by Bank is revolutionising high-value payments, making transactions faster, easier, and more cost-effective. Since its launch in July 2022, over 60% of our clients have processed millions through Pay by Bank, enjoying significant savings by reducing high scheme/interchange fees, card fraud, chargebacks, and operational costs.
For example, Pay by Bank has helped our client Motorpoint, a UK nationwide auto dealer, reduce merchant fees and streamline payment collection, saving over £100,000 in less than eight months.
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.
With Pay by Bank, our clients achieve a payment success rate of over 93% and some of our clients have reduced card fees by 88%. We’re excited to continue driving this innovation, with Token.io as our licensed partner for Pay by Bank.