Pay with Bank Transfer, powered by American Express (PwBt), has announced its strategic partnership with Nuvei Corporation, the Canadian FinTech giant.
This collaboration aims to promote and sell PwBt’s Open Banking-enabled payment method, offering an innovative solution that simplifies online transactions for consumers and benefits merchants with seamless payment processing.
In the United Kingdom, over seven million consumers are currently making payments through Open Banking. Sectors like travel and utilities have been early adopters of this secure payment method. PwBt’s enhanced security features make it a compelling choice for high-value, one-off payments such as holidays and quick bill settlements. Nuvei will play a crucial role in promoting PwBt to existing and potential UK merchants, facilitating the integration of this Open Banking payment method into their e-commerce platforms.
Pay with Bank Transfer, powered by American Express (PwBt), introduces an innovative payment method that allows consumers to conduct transactions directly from their bank accounts, eliminating the need to enter card details or complete additional authentication checks. For merchants, PwBt offers a frictionless payment experience with instant fund reconciliation and competitive processing fees.
Nuvei Corporation specialises in providing modular, flexible, and scalable technology solutions that enable businesses worldwide to accept next-gen payments, offer various payout options, and access card issuing, banking, risk management, and fraud prevention services. With a presence in over 200 markets, local acquiring in 47+ markets, support for 150 currencies, and 634 alternative payment methods, Nuvei empowers businesses to succeed globally through a single integration.
Philip Fayer, Nuvei Chair and CEO, commented, “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.
“Our mission is to enable our customers to get closer to their customers through payments, wherever they are and however they want to pay. 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, said, “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.
“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.”
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