Bank of America and Banked Ltd expand Pay by Bank to Euro currency payments

By Edlyn Cardoza

Pay by Bank, Bank of America’s online payment solution, is now available for Euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge.

“Pay by Bank is a great example of how we develop technology with our clients’ business models top of mind,” said Chris Jameson, head of Product Management, GTS EMEA at Bank of America. “For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience.”

Pay-by-Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast, and secure online checkout process that benefits consumers and merchants.

“Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe,” said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. “We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online.”

Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies.

Bank of America is one of the world’s largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumers and small business relationships.