Pay with Bank Transfer, a division of American Express, recently revealed that they have chosen Nuvei Corporation, a known fintech company, to be their first authorized acquirer responsible for promoting and delivering the innovative payment method made possible by Open Banking.
As Nuvei Partners with American Express to enable effortless A2A payments, this forward-thinking payment solution allows consumers to effortlessly conduct transactions directly from their banks, eliminating the need to put in the card attributes or undergo additional authentication procedures. PwBt provides vendors with a seamless payment experience that includes instant fund reconciliation and attractive processing charges. Nuvei will actively promote PwBt to both existing and new merchants in the UK, helping them seamlessly integrate the Open Banking approach into their e-commerce platforms.
In the UK, over 7 million users are already benefiting from direct bank account payments facilitated by Open Banking. Early adopters in sectors such as utilities and travel are recognizing the security benefits of PwBt, which makes it an appealing option for one-time high-value payments like holiday bookings as well as for streamlined and immediate bill settlements.
Key Takeaways
- PwBt Selects Nuvei as First Acquirer for Open Banking Solution: Nuvei Partners with American Express to promote and distribute its innovative Open Banking-powered payment method.
- Seamless Integration into Nuvei’s Checkout Process: Nuvei offers its customers an effortless way to integrate PwBt into their checkout process. This can be done by utilizing Nuvei’s customizable payment solution, which allows for an overview of all payment data from each customer transaction. Additionally, it simplifies payment operations, making them more efficient and streamlined.
- Enhanced Benefits for Merchants and Consumers: As Nuvei Partners with American Express, this collaboration aims to provide its merchant partners with efficient and secure payment alternatives, promoting increased conversion rates and reduced cart abandonment. PwBt’s expansion is set to contribute to the broader adoption of Open Banking solutions, fostering trust and comprehension among consumers.
- Open Banking’s Empowering Potential: Open Banking technology enables individuals to have control over their management and opens up possibilities for innovative payment solutions, like PwBt, which enhances user experience with its security and seamless operation.
Background
In a press release issued in 2019, American Express announced its plan to introduce a real-time financial transaction product for consumers in the UK. This product – PwBt – was designed to allow people to make payments for goods and services. The PwBt service is designed specifically for individuals who have bank accounts, regardless of whether or not they have an American Express card. American Express has partnered with eCommerce merchants from different industries, including well-known names like Hays Travel and Thai Airways.
Image source: Nuvei
By taking advantage of the opportunities presented by open banking regulations, the PwBt feature enables sellers to receive payments from customers who are connected to leading banks in the UK. Buyers can conveniently check their account balances and make payments online using this service. American Express recognized the potential offered by open banking and got in line to help businesses with a new, efficient, and secure way to accept online payments from their customers.
The whole structure of open banking empowers individuals with greater control over their financial management. The regulations implemented by the EU at the time facilitated the sharing of data from multiple banks, paving the way for innovative payment solutions such as PwBt. This solution recently expanded its way to a Canadian giant as Nuvei Partners with American Express to Enable Effortless A2A Payments.
Nuvei Partners with American Express to Expand PwBt’s Seamless Open Banking-Powered Solutions
PwBt provides a secure method for paying your American Express bill through a direct transfer from your bank account. It’s a user-friendly process that takes just a few simple steps, without the need for any account setup. Additionally, since your bank manages the payment entirely, you benefit from top-tier bank-level security, with none of your payment details stored by American Express.
Nuvei customers will have the opportunity to seamlessly integrate PwBt directly into their online checkout process using their existing link to Nuvei technology. Leveraging Nuvei’s adaptable and full-stack tailor-made payments solution, online businesses can optimize their checkouts and streamline their backend payment operations through a unified connection, facilitating smoother interactions and providing a consolidated picture of all payment data from every customer transaction.
The CEO of Nuvei, Philip Fayer expressed pride in extending the availability of PwBt to their merchant partners, enabling them to meet the increasing customer demand for efficient and secure payment alternatives.
He added that their goal is to facilitate closer connections between their clients and their customers through flexible payment options, regardless of location or preferred payment method. Backed by American Express but accessible to anyone with a bank account, they recognize that PwBt surpasses expectations by providing a secure and seamless service that is inclusive and user-friendly. They are excited to collaborate in extending these advantages to a wider customer base.
Image source: Nuvei
Holly Coventry, the Vice President, emphasized that in today’s digitally-driven environment, consumers seek straightforward and secure payment solutions. Merchants who understand this trend are experiencing increased conversion rates and reduced instances of cart abandonment.
The Nuvei partnership with American Express will expand the reach of PwBt to more merchants, addressing these concerns and offering additional benefits such as immediate reconciliation and appealing processing fees. This expansion will contribute to the broader adoption of Open Banking solutions, as consumers will gradually build trust and comprehend the advantages with more frequent exposure to this payment option.
All of Nuvei’s partners selling to customers in the UK now have the opportunity to seamlessly integrate (PwBt) instantly. The technology, backed by American Express but accessible to anyone with a UK bank account, enables customers to enjoy the effortless payment process while benefiting from American Express’s robust bank-level security measures.
About American Express
American Express serves as a global service company, providing a diverse array of products and services, including charge and credit card products, expense management solutions, consumer and business travel services, as well as stored value products like traveler’s cheques and other prepaid options. Additionally, the company offers network services, merchant acquisition and processing, servicing and settlement, point-of-sale systems, marketing and information solutions for merchants, and fee-based services, encompassing market and trend analyses, consulting services, fraud prevention, and the development of tailored customer loyalty and rewards programs.
Image source: American Express
The “Pay with the Bank Transfer” feature by American Express enables consumers to make direct online or in-store payments from their bank accounts. Leveraging the capabilities of open banking, this service provides financial and processing advantages to merchants while offering customers a simple, swift, and secure payment method.
About Nuvei
Nuvei operates as a financial service company, offering clients a range of payment technology solutions. Through Nuvei, businesses can access various payout options, along with banking, card issuing, fraud management, and risk management services. Leveraging Nuvei’s adaptable, expandable, and customizable technology, businesses can embrace next-generation payments, offer diverse payout choices, and tap into banking and card issuance opportunities.
By linking businesses to their customers across more than 200 markets, with localized acquisition in over 47 markets, 634 distinct payment methods, and 150 currencies, Nuvei equips customers and partners with the technology and insights necessary to thrive both locally and globally through a single integration.
Conclusion
The collaboration between Nuvei Corporation and American Express to facilitate seamless Account-to-Account (A2A) payments through the Pay with Bank Transfer (PwBt) solution marks a significant advancement in Open Banking-powered transactions. By leveraging Nuvei’s adaptable technology and American Express’s secure banking features, this partnership aims to provide a user-friendly and secure payment experience for consumers while aiding merchants in streamlining their checkout processes and enhancing transaction efficiency.
With an emphasis on enhancing financial control for individuals and delivering simplified, secure payment solutions for businesses, the integration of Open Banking technology presents an innovative and progressive approach within the fintech industry. As Nuvei actively promotes PwBt to a wider audience of merchants in the UK, the collaboration is expected to further accelerate the adoption of Open Banking solutions, enabling increased consumer trust and understanding of the benefits associated with this cutting-edge payment method.
