PCI Pal Launches Pay By Bank Open Banking Solution for Contact Centres

PCI Pal, the global SaaS provider of secure payment solutions for business communications, has announced the launch of its Pay By Bank open banking solution for contact centres. The product enable merchants to reduce the cost of transactions, and provide instant refunds – all while reducing fraud risk and chargeback costs. The first iteration of the service gives consumers the option to pay from any bank in the UK, with further global regions to be launched shortly.

Pay by Bank from PCI Pal uses bank-grade security from its technology partner TrueLayer and is seamlessly integrated to PCI Pal's existing agent-assisted contact centre solutions. Agents benefit from being able to follow the customer payment journey in real-time, without being exposed to sensitive data yet aiding where needed, to maintain a great customer and agent experience. Its technology integration with TrueLayer enables payments from any bank rather than a minimal amount of named institutions via a third-party application. 

Mufti Monim, Chief Technology Officer for PCI Pal said: "This Pay by Bank capability, powered by open banking technology, is the first of a new series of product innovations from PCI Pal which will provide enhanced digital payment journeys for merchants. This innovation makes payments – and instant refunds – quicker, easier, and highly secure. The omnichannel experience means customers simply choose how they wish to pay by clicking a link shared by the merchant via live chat, push notification, SMS, or email. They don't have to key in their card details or trust a website to store them; they instead select their bank from the list and securely approve the purchase with a fingerprint or face ID or other authentication method provided by their bank.

"For merchants this Pay by Bank capability can increase revenue by improving conversion rates and provide cost savings, as payment service provider fees are replaced by less costly transaction fees.  Additionally, payments are typically credited instantly via Faster Payments."