PCI Pal, a provider of secure payment solutions for business communications, has launched Pay By Bank, an open banking solution for contact centers.
The first iteration of the service gives consumers the option to pay from any bank in the United Kingdom, with further global regions, including the United States, to be launched shortly.
PCI Pal's Pay by Bank makes highly secure omnichannel, bank-to-bank payments possible across all contact center channels, including voice, chat, and social. It eliminates card and interchange fees, while consumers directly authenticate with their banks.
Pay by Bank uses bank-grade security from TrueLayer and is seamlessly integrated to PCI Pal's agent-assisted contact center solutions. Agents can follow the customer payment journey in real time without being exposed to sensitive data yet aiding where needed.
Customers choose how they wish to pay by clicking links shared by the merchants via live chat, push notifications, SMS, or email. They don't have to key in card details or trust websites to store them; they instead select their banks from the list and approve purchases with fingerprint, face ID, or other authentication method provided by their banks.
"This Pay by Bank capability, powered by open banking technology, is the first of a new series of product innovations from PCI Pal which will provide enhanced digital payment journeys for merchants. This innovation makes payments and instant refunds quicker, easier, and highly secure," Mufti Monim, chief technology officer of PCI Pal, said in a statement. "For merchants this Pay by Bank capability can increase revenue by improving conversion rates and provide cost savings, as payment service provider fees are replaced by less costly transaction fees. Additionally, payments are typically credited instantly via Faster Payments."