American Express says it will launch an Open Banking based product that will enable UK consumers to pay for goods and services online directly from their bank account.
American Express launch Open Banking product enabling consumers to pay by bank transfer
Pay with Bank transfer will be a real-time payment option available to current account holders at UK banks, regardless of whether they are American Express Card members. The company is partnering with a number of merchants to launch Pay with Bank transfer on their UK e-commerce sites later this year. These merchants cross multiple industries and include Hays Travel, JustGiving, Oak Furnitureland, Richer Sounds, Royal Lancaster London hotel, and Thai Airways.
Leveraging Open Banking regulation, Pay with Bank transfer will enable merchants to receive instant payments from all major UK banks’ current account holders. Consumers will be able to make online payments without a Card to hand, by clicking on the Pay with Bank transfer button on the merchant’s payment page and selecting the bank they wish to pay from. They can also view their bank current account balances prior to confirming payment, and will benefit from bank-level data security.
Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE) said: “It’s great to see American Express seizing the potential that Open Banking can bring to companies, helping businesses offer a new method to swiftly and securely accept online payments from their customers. American Express can offer extensive payment experience, which will help to build trust in Open Banking and encourage adoption of an innovative new method of payment.”
Open Banking is an initiative to enable people to better control their financial data. New EU rules have been put in place to allow people to pull together their data from multiple financial institutions, and share it with third parties who they trust to gain insights and value.
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