Following this announcement, Ivy’s infrastructure will enable Mollie to launch `Pay by Bank`, a product which enables bank payments and refunds in real-time. The service is set to offer merchants and businesses reduced and secured transaction costs, quicker access to funds, and minimised fraud risk.
In addition, the partnership reflects Mollie’s commitment to building a future-proof instant banking payment capability. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
While traditional A2A rails are being phased out, multiple geographical regions around the world are rolling out optimised real-time payment schemes. According to the official press release, Ivy will provide its extensive coverage, high conversion rates, and white-labelled capabilities in order to allow Mollie to secure and integrate the Pay by Bank solution into its platform. At the same time, Ivy’s developer experience and API documentation will enable Mollie to get to their first production payment in a quick and secure manner.
The partnership will also allow Mollie to provide its merchants with faster, more secure payments, while Ivy’s white-label technology will allow it the replace legacy systems with a future-proof solution that cuts costs and scales with businesses’ evolving needs. Furthermore, the company’s merchants will be enabled to benefit from low-cost, frictionless, bank-grade secure, and instant bank transaction solutions. This will be integrated with just a few clicks through the Mollie dashboard.
In addition, end customers will have the possibility to benefit from a simplified checkout experience, as they will be enabled to simply select Pay by Bank, choose their trusted house bank, confirm the payment amount, and authorise it by leveraging their bank’s SCA methods, such as Face ID. This process will take place with no need for a credit card and no need to sign up.
The partnership will also position Mollie and Ivy at the forefront of the instant bank payment growth, with the overall strategy of providing customers with secure, cost-effective, and fast transactions, as well as accelerating their development in the industry.
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