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 payments