American Express is planning to launch a service to enable UK consumer quickly and securely pay for goods and services online and on the go directly from their bank account.
The new Pay with Bank transfer service will be a real-time payment option for current account holders at UK banks, regardless of whether they are American Express Cardmembers.
American Express is partnering with several merchants to launch the new service, this includes Hays Travel, JustGiving, Oak Furnitureland, Richer Sounds, Royal Lancaster London hotel, and Thai Airways.
To ensure the success for the new offering, the payments firm is leveraging the open banking regulation. Consumers will now be able to make online payments without having their card to hand, view their back current account balances prior to completing the transaction, and receive bank-level data security.
It works by a consumer clicking the Pay with Bank transfer option on a merchant’s payment page and selecting the bank they wish to pay through. The consumer is then automatically redirected to the bank’s webpage or app to authenticate themselves and confirm the deal.
The company is hoping to release its new service with select merchants before the end of the year and then a further product rollout is set for 2020.
American Express vice president Dan Edelman said, “American Express is driving innovation in payments, and Pay with Bank transfer reflects our commitment to delivering choice for UK consumers and businesses through new ways to pay.
“Today’s announcement is another way American Express is offering digital-first solutions in our effort to be an essential part of our customers’ digital lives. We’re excited about Open Banking and the benefits this product will provide to both consumers and merchants.”
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