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Client Insights - Open Banking Payments, Q4 2023
Client Insights – Open Banking Payments, Q4 2023

Following our successful soft launch in July 2022, Pay by Bank has rapidly gained momentum, with an impressive 60% of our clients processing millions through open banking. We are sharing our key findings to date in this latest client insights paper.

Highlights include:

  • Clients achieve over 93% payment success rates.
  • Automotive is our top performing industry for Pay by Bank. The highest value Pay by Bank transaction in Automotive was €72,714.25.
  • The highest value Pay by Bank transaction within Hardware was £47,077 and within Luxury Retail was £66,400. The highest value within Hospitality was just under £20,000.
  • Average Transaction Value (ATV) continues to increase each month. The ATV for a Pay by Bank transaction (£4,040) is four times higher than the ATV for a card transaction (£990). Six months ago, the ATV for a Bank transaction was (£2,390) and for Card was (£675). This implies two things – Card transactions are not endangered, and Pay by Bank will continue to bring high-value transactions onto our platform.
  • The Prommt checkout is now available as a Web Payment, not dependent on Pay by Link.
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So much more than Pay by Link
So much more than Pay by Link

Introduction to Prommt

Prommt enables businesses to request, collect and track remote payments from their customers with secure payment links via any payment type, any channel, at scale.

When customers want to pay by phone or a product doesn’t lend itself to e-commerce shopping carts, Prommt allows you to turn risky, time-consuming over the phone transactions into secure, convenient, online payments. Our orchestration tools offers the ability for businesses to easily present card or bank as a payment method.

Prommt focuses on security and confidence and a journey that is native to the retailer.

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Johnsons Jewellers
Johnsons Jewellers

Customer Success Story

“Johnsons Jewellers provide exceptional service in-person, over the phone, and online. With the quick and easy launch of Prommt, multiple in-store users can now send secure, fully-branded, and personalised payment requests through various messaging channels. Prommt offers convenience during remote consultations, ensuring secure payment collection while preserving our brand identity.

Pay by Bank reduces costs by eliminating card processing fees and chargebacks, and enables faster payments. It’s concierge commerce made simple.”

Libby Johnson, Director at Johnsons Jewellers

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ME Plant Hire
ME Plant Hire

Customer Success Story

“Prommt helps us reduce costs and protect our business against losses due to late returns, damage & theft, by supplementing in-store or over the phone consultations with an easy, secure and more convenient way to pay. We would highly recommend Prommt to any business that wants to significantly improve their customers’ remote buying experience.”

Ray Menton, Manager at ME Plant Hire

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Johnsons Jewellers
Wilsons Auctions

Customer Success Story

“Pay by Bank allows Wilsons Auctions to leverage the latest in remote payments innovation, and protect our margins by eliminating card processing fees and reducing fraud, chargebacks & payment administration. We are pleased to offer Pay by Bank as the default payment option in most payment transactions today and our customers are embracing it wholeheartedly.”

Paul Clarkin, Finance Director at Wilsons Auctions

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