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. O leverages the customer’s bank authentication network. O easy and quick to set up by connecting to a company’s existing payment system using APIs. Makes online checkout simpler, faster and more secure:.Provides an enhanced customer experience - the user interface can be adapted by market location and country.Streamlines reconciliation - incoming payments are added to a company’s receivables, so they can view everything together in one place.Reduces customer data storage - since a card is not required and it is an online ‘account to account’ payment, companies do not need to obtain and store customer card data.“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.” If your card receives the 10 customer bonus, the Preferred Rewards bonus will replace the 10. If your card receives the 10 customer bonus, the Preferred Rewards bonus will replace the 10. Enrolled Preferred Rewards members with eligible Bank of America credit cards can receive a Preferred Rewards bonus of 25 for the Gold tier, 50 for the Platinum tier, or 75 for the Platinum Honors, Diamond or Diamond Honors tier on each purchase. “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. Enrolled Preferred Rewards members with eligible Bank of America® credit cards can receive a Preferred Rewards bonus of 25 for the Gold tier, 50 for the Platinum tier, or 75 for the Platinum Honors, Diamond or Diamond Honors tier on each purchase. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants. 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. “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 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. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge. 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.
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