Pay by Bank: Delivering on the Promise of a Better Payment Experience

Improving the customer experience and reducing the cost of payments is now possible, as consumers and businesses share financial data in exchange for the value proposition of simpler, faster, and more secure checkout. Open banking has given rise to Pay by Bank (PBB), which promises to modernize ACH payments, making for a frictionless, secure payment experience for merchants and consumers. PBB has massive potential. In this session, speakers examine how PBB allows consumers to pay bills or make “person-to-person” transfers directly from bank accounts through a simple and secure process. We will explore how a platform can enable consumers to authorize trusted merchants and billers, allowing them to leverage financial information to deliver an improved payment experience. We will also discuss how open banking can improve ACH payments, eliminating manual processes around account numbers, the risk of failed payments due to errors or fraud, and the risk of storing account numbers.