Pay with Bank transfer, powered by American Express (“PwBt”), has selected Nuvei Corporation, a Canadian FinTech company, as its first acquirer authorised to promote and sell PwBt’s Open Banking-enabled payment method.
The payment method enables consumers to complete transactions seamlessly from their bank accounts without entering card details or completing additional authentication checks. For merchants, PwBt delivers a frictionless payment where funds are reconciled instantly, with attractive processing fees.
All Nuvei partners that sell to consumers in the UK can now instantly integrate PwBt. The technology is powered by American Express but open to everyone with a UK bank account.
Philip Fayer, Nuvei Chair and CEO, said, “We’re proud to be offering Pay with Bank transfer to our merchant partners to help them meet growing customer demand for efficient, secure payment options. “Our mission is to enable our customers to get closer to their customers through payments, wherever they are and however they want to pay. Powered by American Express, but available to anyone with a UK bank account.”
Nuvei will promote PwBt to both existing and prospective UK merchants, supporting them with integrating the Open Banking payment method into their ecommerce platforms. The company’s agile and customizable full-stack payments solution enables online businesses to optimize their checkouts and back-end payments flow through one connection, streamlining relationships and giving a single view of all payment data from all customer transactions.
Holly Coventry, Vice President, International Open Banking Payments, said: “In today’s digital-first world, consumers are looking for simple and secure ways to make payments. Merchants that recognise this are seeing stronger conversion numbers and reduced cart abandonment. “The partnership with Nuvei will help us bring PwBt to more merchants, addressing these pain points and offering them a host of other benefits such as instant reconciliation and attractive processing fees.”
