Bank of America Expands Pay by Bank for Euro Currency Payments

Bank of America's innovative online payment solution, Pay by Bank, is now available for euro currency payments.

Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge.

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"Pay by Bank is a great example of how we develop technology with our clients' business models top of mind," said Chris Jameson, head of Product Management, GTS EMEA at Bank of America. "For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience."

Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details.

"Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe," said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. "We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online."

(Source: Finextra)