MONTREAL, November 2, 2023 – Pay with Bank transfer, powered by American Express (“PwBt”), announces it has selected Nuvei Corporation (“Nuvei”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, as its first acquirer authorised to promote and sell PwBt’s Open Banking-enabled payment method.
The innovative payment method enables consumers to complete transactions seamlessly from their bank accounts, without having to enter card details or complete additional authentication checks. For merchants, PwBt delivers a frictionless payment where funds are reconciled instantly, with attractive processing fees. Nuvei will be promoting PwBt to both existing and prospective UK merchants, supporting them with the integration of the Open Banking payment method into their ecommerce platforms.
In the UK, more than seven million consumers are making payments directly from their bank accounts that are powered by Open Banking. Companies in the travel and utility sectors have been early adopters, with the security benefits of PwBt making it an attractive option for high value, one off payments, such as holidays, and seamless and instant bill payments.
Nuvei customers will be able to integrate PwBt directly into their online checkout through their existing connection to Nuvei technology. Nuvei’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 payments data from all customer transactions.
Philip Fayer, Nuvei Chair and CEO, commented: “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, we know Pay with Bank transfer goes above and beyond to ensure a secure, yet frictionless, service that is available to everyone, and we’re delighted to be working together to bring these benefits to a new customer base.”
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. “This will help ramp up more widespread consumer adoption as the more frequently they’re given the option to use Open Banking payments, the more they will begin to trust and understand the benefits.”
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, meaning that customers can benefit from the frictionless payment method and enjoy American Express’ bank-level security.
Diving deeper into exploring what needs to happen to fully realise the potential of Open Banking payments from entering the mainstream, Nuvei and American Express are publishing a co-authored whitepaper: Reaching the tipping point: What needs to happen to realise the potential of Open Banking payments. The whitepaper examines consumer attitudes, awareness and understanding of Open Banking payments, and explores the factors which could be influencing or inhibiting merchant adoption.
Reaching the tipping point: What needs to happen to realise the potential of Open Banking payments is available to download now.
About American Express Pay By Bank Transfer
Pay with Bank transfer allows consumers to pay online or instore directly from their bank account. It unlocks the potential of open banking to deliver financial and processing benefits to merchants, while offering their customers a simple, speedy, secure way to pay. It’s powered by American Express but open to everyone. Email pwbt@aexp.com
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and 634 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit www.nuvei.com
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