Payment processing technology developer PayJunction has integrated Plaid’s secure account-to-account (A2A) bank connectivity technology to enable a better ‘Pay by Bank’ experience for customers.
The integration with its own payment gateway will allow PayJunction’s B2B and B2C businesses to offer their customers a simpler and more seamless way to pay for goods and services via direct bank transfer, whether online or via invoicing.
PayJunction routes the transactions via ACH processing rails, which are lower cost than payments made with credit and debit cards.
As a result of the partnership with Plaid, businesses and software companies that partner with PayJunction will be able to “streamline” the enrolment and authorisation of customer bank account information through access to Plaid’s Account Verification and Payments solution, while also reducing the number of ACH declines.
“PayJunction’s data-driven focus on continual innovation helps our customers simplify omnichannel payment acceptance,” said Randy Modos, president at PayJunction.
“ACH is a proven, cost-effective payment method, and this partnership with Plaid makes it faster and easier for customers to set up secure bank payments.”
PayJunction, established in 2000, processes more than $9 billion annually for US-based businesses.
Tamara Romanek, head of partnership at Plaid, added: “The combination of Plaid’s bank connectivity technology and PayJunction’s gateway can save businesses significant time and money, while giving people more flexibility in how they pay for goods and services using funds from their bank account.”
In December last year, UK fintech PaySend formed an Open Banking payment initiation partnership with data network Plaid to provide another way for its business customers to receive payments.
Paysend’s head of business Ashley Mallett said it will give companies a “secure, user-friendly, and cost-effective way” to accept online payments in the UK.