‘Pay by Bank’ is catching on across the globe. The payment method which enables consumers to pay merchants directly through their own bank account, without the need for a debit or credit card, continues to enjoy increasing levels of success. Continuing its growth, ‘Pay with Bank’ transfer, powered by American Express, has partnered with one of the UK’s largest energy suppliers, OVO.
By partnering with American Express, up to four million OVO customers can now pay their energy bills seamlessly from their bank accounts without having to enter card details online or complete additional authentication checks.
Pay with Bank transfer is initially available to all OVO pay monthly customers and those purchasing renewable products, who currently make debit payments by card, cheque or faster payments.
Using Pay with Bank transfer to make online payments reduces errors, as the customer doesn’t have to enter any card details or reference numbers. Customers are redirected to their bank’s webpage or app to authenticate the payment as they normally would for online banking.
The payment itself is protected by bank-level security and is made in just a few clicks. Customers also get visibility of their bank account before payment is processed, giving them greater control.
Helping consumers manage bill payments
American Express
Holly Coventry, vice president of international open banking payments at American Express, said: “We’re delighted to announce OVO as our first partner in the utilities sector. Pay with Bank transfer lends itself very well to bill payments as it’s seamless, secure and easy to use.
“We know that missed and unallocated payments cause problems for both customers and utilities providers, and we hope that this partnership helps to address these pain points, giving customers greater visibility and control when paying their utility bills.”
Mark Robson, VP of commercial development at OVO, also added: “We want to ensure that our customers have access to a range of payment options. We’re delighted to be working with American Express to bring these benefits to our growing customer base.”
In addition to OVO, Pay with Bank transfer is continuing its growth momentum by expanding into new sectors and agreeing new merchant partnerships. Recent signings also include leading bus operator Go Ahead, and football clubs Fulham FC, Watford FC and Stoke City FC, where supporters can use the product for online purchases from the clubs’ shops.
