Latest Pay by Bank Client Insights, June 2024

Sneha Padavala

10th Jul 2024
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.

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