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.”