Canadian fintech Nuvei has been chosen by American Express as the first acquirer authorised to promote and sell Pay with Bank Transfer’s (PwBt’s) Open Banking-enabled payment method.
Through the partnership, global payment provider Nuvei’s UK merchant partners will be able to instantly integrate PwBt into their online checkout processes, enabling account-to-account payments between merchants and their customers.
Nuvei will promote PwBt to both existing and prospective UK merchants and will support them with the integration of the Open Banking payment method into their ecommerce platforms.
PwBt is powered by American Express but open to everyone with a UK bank account.
It enables consumers to complete transactions from their bank accounts, without having to enter card details or complete additional authentication checks, while merchants benefit from PwBt’s ability to reconcile funds instantly.
“We’re proud to be offering Pay with Bank transfer to our merchant partners to help them meet growing customer demand for efficient, secure payment options,” Philip Fayer, Nuvei chair and chief executive officer, said.
“Powered by American Express, but available to anyone with a UK bank account, we know Pay with Bank transfer goes above and beyond to ensure a secure, yet frictionless, service that is available to everyone, and we’re delighted to be working together to bring these benefits to a new customer base.”
Holly Coventry, vice president, international Open Banking payments at American Express, added: “In today’s digital-first world, consumers are looking for simple and secure ways to make payments. Merchants that recognise this are seeing stronger conversion numbers and reduced cart abandonment.
“The partnership with Nuvei will help us bring PwBt to more merchants, addressing these pain points and offering them a host of other benefits, such as instant reconciliation and attractive processing fees.”
She said that, in turn, this will help ramp up more widespread consumer adoption “as the more frequently they’re given the option to use Open Banking payments, the more they will begin to trust and understand the benefits”.
Nuvei and American Express have co-authored a new whitepaper, ‘Reaching the tipping point: What needs to happen to realise the potential of Open Banking payments’.
Nuvei also entered the Australian market earlier this year, following its expansion into Singapore and Hong Kong in 2022.