Following this announcement, the pay-by-bank solutions are expected to simplify the overall process of transactions by combining the benefits of real-time payment rails with the flexibility and efficiency of Open Banking. This procedure will take place by offering third-party financial solution providers direct and secure access to banking data in order to complete digital payments.
Through the use of the pay-by-bank offerings, businesses and clients alike will be enabled to make payments directly between the company’s and the user’s bank accounts, without the need for account numbers, card details, or sort codes.
Throughout this collaboration between FIS and Banked, businesses will be enabled to benefit from protection against fraud, as well as reduced friction, faster settlement, and lower processing fees. Customers will be allowed to access a smoother payment experience, as well as an easier verification process and faster access to funds. Both enterprises will focus on meeting the needs, preferences, and demands of users in an ever-evolving market, while also remaining compliant with the regulations and laws of the industry.
As digital payments are currently experiencing significant development due to clients’ increased adoption of digital wallets and other mobile applications, the method has become one of the most preferred capabilities in the process of fulfilling transactions for both merchants and users.
By partnering with Banked, FIS will continue its strategy of providing customers and partners with frictionless payments to a wider spectrum of critical industries through the use of a secure, convenient, and cost-effective manner, while also focusing on the investments made in next-gen payments infrastructure. The global financial technology company FIS will focus on its approach to solving the real pain points for its clients, aiming to eliminate the challenges and difficulties that appear throughout its development process.
At the same time, both institutions will focus on enabling businesses with the possibility to leverage Open Banking and real-time payments in order to deliver users and cardholders an optimised payment experience.
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