Pay Direct is an alternative to payment methods available for making an online purchase that gives merchants and customers a new way to pay and get paid. As an open banking payment initiation service, Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments. Using Pay Direct, the payer initiates the payment from their trusted bank application whilst remaining in the business’s online journey. This way of processing an online payment offers an alternative for merchants looking to reduce card fees, benefit from quicker settlement, and improve reconciliation.
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