Under this partnership, Wix's UK-based merchants have access to PaidBy, an Open Banking payments service, and their customers can pay directly from their current banking app or web portal.
The safe and simple PaidBy bank payment process seeks to help improve merchant checkout conversions by offering a simplified experience, enabling customers to make payments in as little as three steps, all from the trusted environment of their banking app or web portal. PaidBy starts with an automated online onboarding system, which enables UK merchants to complete their onboarding and Know Your Business process in minutes.
PaidBy service
PaidBy utilises the UK's Open Banking network, which connects the UK's largest banks, enabling them to move money between accounts in seconds. As cash flow is critical, Wix merchants in the UK will have access to their funds the same day. By eliminating the need for card schemes and networks, PaidBy aims to offer a smooth experience for merchants and their customers.
PaidBy payment infrastructure further enables higher conversion rates with fewer chargebacks in a safer and more secure environment for merchants and their customers.
Merchants will benefit from same-day payment to their ISX-issued account 365 days per year, better assisting them to ultimately deliver products and services to their customers faster.
About ISX Financial
ISX Financial EU PLC is a banktech company that leverages its own technology to provide financial services to merchants across the EEA and the UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance, and payment processing capability. ISX Financial's multi-currency IBAN accounts coupled with PaidBy's instant Open Banking provides merchants with a tailored payment solution to reach any UK or EEA bank account holders.
