Client Insights – Open Banking Payments, Q1 2023
Pay By Bank (PBB) is a game changer for many of our clients. Over the past few months, a wide range of our clients have adopted our Open Banking payments capability as an optional and in some cases, the default payment method when requesting and instantly collecting high-value payments with zero card processing fees. We are sharing our key findings to date in this latest client insights paper.
- Strong adoption within a mix of verticals including Automotive, Builders Merchants, Luxury Retail and Hospitality.
- Average Transaction Value (ATV) for PBB is nearly four times higher than the ATV for a card transaction.
- The highest value PBB transaction was a car purchase for £54,000. Car transactions account for 9 of the top 10 highest value transactions. These top ten highest value transactions account for almost half a million pounds.