payabl. joins forces with Zimpler

By directly integrating Zimpler, payabl.’s merchants are set to receive the ability to provide customers with the option to pay via instant bank transfers at checkout. Considering that Zimpler initiates account-to-account (A2A) payments leveraging Open Banking APIs, the company focuses on mitigating the need for intermediaries, which can result in faster and more cost-efficient transactions for merchants.

In addition, Zimpler is fully licenced and authorised by the Swedish Financial Supervisory Authority and the European Payment Institutions Federation, allowing the firm to connect companies with over 350 million customer bank accounts in 25 markets across two continents. The company has a strong presence in Sweden, Finland, Estonia, and Denmark, with plans to expand further. On the other hand, payabl. is an authorised Electronic Money Institution by the Financial Conduct Authority (FCA) in the UK and the Central Bank of Cyprus in the EU. Currently, the company serves nearly 500 merchants across Europe and the UK.

According to payabl.’s officials, as instant payments are increasing globally, payment providers have expanded their contributions by making instant payments available to merchants and consumers. The collaboration with Zimpler is set to allow payabl. to expand its reach even further, with the company aiming to support merchants across the globe to access improved payment solutions and provide consumers with more options at checkout. Moreover, representatives from Zimpler underlined that their company intends to offer access to efficient, secure, and fast payments to payabl.’s customer base. Zimpler works towards democratising access to improved payment services for businesses with complex payment requirements and needs and, by being available on payabl.’s platform, the company can reach firms more efficiently and allow its solutions to support them in their operations.

Furthermore, the move follows the substantial expansion of the instant payments market, projected to grow by nearly 161% from USD 22 trillion in 2024. The surge can be attributed to the popularity of new A2A payment methods, including iDEAL and Zimpler in Europe, UPI in India, and PIX in Brazil, as well as the broad adoption of Open Banking. By facilitating direct bank account transactions, A2A and Open Banking payments focus on reducing merchant costs imposed by card networks and simplifying user transactions.