Amex to launch open banking product for UK customers
American Express announced it is planning to roll out a new real-time product that will let U.K. consumers pay for online purchases with a bank transfer.
According to American Express, Pay With Bank Transfer will be a real-time payment option to current account holders at UK banks.
American Express also revealed that it is working with a number of merchants to launch Pay with Bank transfer on their UK e-commerce sites later this year.
By harnessing open banking rules, the Pay with Bank Transfer option will let sellers receive real-time payments from the customers of leading U.K. banks. Buyers can check their account balances and make online payments.
“It’s great to see American Express seizing the potential that open banking can bring to companies, helping businesses offer a new method to swiftly and securely accept online payments from their customers,” said Imran Gulamhuseinwala OBE, trustee of the Open Banking Implementation Entity (OBIE).
The open banking enterprise offers people enhanced management over their finances. Recent EU rules now enable the sharing of data from several banks. The new guidelines have also made room for new payment products like Pay with Bank transfer.
American Express added it intends to launch Pay with Bank transfer with its initial merchants before the end of the year, and the product will continue to roll out across additional e-commerce sites throughout 2020.
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