Latest Pay by Bank Client Insights, June 2024

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.