Source: American Express
Set for launch later this year, Pay with Bank transfer will be a real-time payment option available via Open Banking APIs to current account holders at UK banks, regardless of whether they are American Express Cardmembers.
The move acts acts as a bulwark against the incursion of account-to-account payments into the credit card business, mirroring similar recent initiatives by rivals Mastercard and Visa.
American Express has so far struck deals with Hays Travel, JustGiving, Oak Furnitureland, Richer Sounds, Royal Lancaster London hotel, and Thai Airways, who will each add a Pay with Bank transfer button to their online checkout options.
Consumers will be able to make online payments without a card to hand, view their bank current account balances prior to confirming payment, and will benefit from bank-level data security.
Dan Edelman, vice president, American Express, says: “Pay with Bank transfer reflects our commitment to delivering choice for UK consumers and businesses through new ways to pay. We’re excited about Open Banking and the benefits this product will provide to both consumers and merchants.”
- Experian offers its Affordability Passport to debt charities and lenders for free in response to the Coronavirus outbreak
- Starling Bank announces Coronavirus Support Scheme
- Moneybox app announces Open Banking merger with Santander
- Insight: Consumer trust and bringing Open Banking to life for the consumer
- How can we accelerate Open Finance adoption?