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.

A whitepaper by Edgar Dunn & Company, commissioned by Prommt and Barclaycard

Pay by Link is establishing itself as an alternative in the evolution of digital payments. Smarter and more sophisticated solutions are reducing costs and improving the customer experience, helping to increase sales in the remote payments market.

Fraud and the protection of customer data provide an ever-increasing challenge for the payment industry. Evolving Pay by Link solutions offer significantly improved protection and peace of mind to customers and merchants offering high value goods and services. It not only protects and supports the entire payments value chain, but it provides a high level of customer experience offering significant advantages for merchants to safely drive and increase sales in specialised markets.

Explore the evolving landscape of traditional MOTO payments, the challenges faced by merchants, the advancements in Pay by Link innovation and its benefits in the remote payment sector.

Following our successful soft launch in July 2022, Pay by Bank has rapidly gained momentum, with an impressive 60% of our clients processing millions through open banking. We are sharing our key findings to date in this latest client insights paper.

Highlights include:

• 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 Hardware 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 is now available as a Web Payment, not dependent on Pay by Link.

Customer Success Story

“Johnsons Jewellers provide exceptional service in-person, over the phone, and online. With the quick and easy launch of Prommt, multiple in-store users can now send secure, fully-branded, and personalised payment requests through various messaging channels. Prommt offers convenience during remote consultations, ensuring secure payment collection while preserving our brand identity.

Pay by Bank reduces costs by eliminating card processing fees and chargebacks, and enables faster payments. It’s concierge commerce made simple.”

Libby Johnson, Director at Johnsons Jewellers