Pay-by-Account uses the Open Banking technology to allow users to pay directly from the current accounts of all Italian banks and some large international banks. The Pay-by-Account service will be immediately available for Nexi’s merchants and their partner banks in Italy and, in the future, it will also be available for the other Nexi Group markets as well as for other PSPs as an alternative payment system. The Pay-by-Account service is natively designed for a digital and mobile-first experience, both for ecommerce and omni-channel/in-store payments. It is integrated with payment gateways, back-end, and store management software.
The new solution meets specific needs that are currently only partially covered by other payment methods: the Pay-by-Account service is a solution to collect the so-called ‘large tickets’, i.e. the payment amounts exceeding EUR 500 which, in Italy, in 60% of the situations, are still paid using traditional methods such as checks, cash, or bank transfers. This is particularly relevant for sectors such as luxury retail, travel, hospitality. The Pay-by-Account service is also targeted at Telco, Utilities, Insurance and for all ‘large billers’, because it reportedly reduces reconciliation times, costs, and the number of late or incorrect payments, while offering at the same time an improved shopping experience.
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