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Radial & Link Money to launch ‘pay by bank’ offering for global merchants

By Delisha Fernandes

February 14, 2024

  • Bank Accounts
  • ecommerce payment
  • ecommerce solutions
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Radial, Link Money, Pay by Bank, Merchants, eCommerce solutions, open banking payment, eCommerce payment, bank accounts, FinTech news, FinTech US

Radial, an eCommerce solutions company, has partnered with a US-based open banking payment platform Link Money,  to launch a pay-by-bank tool for merchants.

The strategic integration enhances Radial’s commitment to optimizing operations by offering global merchants more efficient, secure, and cost-effective payment methods.

“With over 25 years of experience in payment processing and fraud management, we are committed to providing our merchants with the latest payment and fraud solutions through innovation and partnerships,” said Yvan Gilliard, Senior Vice President of Payment Solutions & Omnichannel at Radial. “We are excited about the potential to leverage open banking, as it aligns with our vision and provides a refreshing and extremely user-friendly experience for all stakeholders. Our partnership with Link Money is a significant step towards revolutionizing the payment industry, and we are thrilled to lead this transformative journey.”

Radial’s open banking Pay by Bank solution facilitates direct fund transfers from customers’ bank accounts to merchants, presenting a significant departure from traditional credit card and wallet transactions. Pay by Bank ensures guaranteed payments by leveraging Link Money’s proprietary AI/machine learning model, providing merchants with confidence and eliminating the uncertainties associated with traditional payment methods.

“This is an example of a forward-thinking partner taking initiative over and above their existing payment providers to implement a payment method that merchants are asking for. By working with Radial, we will be able to deliver our cost-effective, more secure, Pay by Bank payment method to their merchants,” said Shaun Vanderkaap, Vice President of Strategy at Link Money.

The solution substantially boosts merchant profitability by reducing transaction fees by 70-80%, making it an economically favorable option. Compared to credit cards, Pay by Bank requires customers to authenticate payments in their trusted banking app, reducing the risk of fraudulent activity.

Moreover, eliminating payment card expiration ensures a seamless and efficient payment process, saving merchants valuable time previously spent on revenue recovery efforts. With these advantages, Pay by Bank stands out as a transformative approach that addresses merchants’ market needs while equipping them with a distinctive and competitive edge in the evolving landscape of digital payments.

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