American ExpressAmerican Express (Amex) on Monday announced its plans to launch a new open banking product in the fourth quarter of this year, for its UK customers.

The service is expected to enable customers to quickly and securely pay for goods and services online and on the go, directly from their bank account. “Pay with Bank transfer” will be a real-time payment option available to current account holders at UK banks, regardless of whether they are American Express card members, as per a statement.

The company is partnering with several merchants across multiple industries to launch its new service on their UK eCommerce websites. The open banking product is likely to enable consumers to make card-less online payments, view their bank account balances, and benefit from bank-level data security.

“…How consumers prefer to pay has never been under so much change, scrutiny and advancement and we are pleased to be partnering with American Express to be the first giving platform to innovate through Open Banking. This will not only put us at the forefront of consumer behaviour in payment and banking innovation, it will also make giving even easier,” Keith Williams, General Manager and Head of UK and Ireland at JustGiving (one of the merchants, Amex’s tieing up with), commented.

Open Banking is an initiative to enable people to better control their financial data.  New EU rules have been put in place to allow people to pull together their data from multiple financial institutions and share it with third parties to gain insights and value.

American Express plans to launch Pay with Bank transfer with its initial merchants before the end of the year, and the product will continue to roll out across additional eCommerce sites throughout 2020, the statement showed.

Avatar
by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
imp-loader
preloader