MultiPay teams up with Acquired.com to launch Pay By Bank

By Gloria Methri

MultiPay Global Solutions has launched its Pay by Bank solution, a new face-to-face payment method enabling merchants to process in-store transactions directly from their customers’ bank accounts.

Partnering with Acquired.com to facilitate instant bank-to-bank payments, MultiPay’s new solution is an alternative payment method (APM) that can boost cost savings and profits for merchants by eliminating interchange and scheme fees.

David Maisey, CEO, MultiPay Global Solutions said, “At MultiPay we prioritise using the latest technologies to give merchants more freedom and control over their payments, helping them to reduce costs and deliver superior customer experiences. Pay By Bank is a revolutionary leap in alternative payments, poised to redefine in-store transactions by providing a quicker and more convenient shopping experience for consumers and a way for merchants to realise greater returns from customers’ spend as they look to improve efficiencies and keep costs under control.”

Requiring no additional downloads for the customer, users simply select Pay By Bank on the payment device at checkout to scan a uniquely generated QR code and authorise the transaction from within their mobile banking app. Once approved, funds instantly transfer from the customer’s bank account to the merchant.

Pay By Bank can seamlessly integrate with any merchant payment setup using MultiPay’s unique API. Reducing chargeback risks and boosting acceptance rates combined with secure multi-factor authentication lowers exposure to fraud for both customers and merchants.

Further extending MultiPay’s APM expertise, the Pay-By-Bank solution is initially available to merchants in the UK, with expansion to other markets soon to follow. Additional features such as incorporating advanced fraud technology and providing data analytics for merchants to drive meaningful insights from customers’ payments will be available soon.

Grant Evans, Head of Partnerships, Acquired.com said, “We are delighted to have partnered with MultiPay to launch our proprietary in-store Pay by Bank proposition across both their client base and that of Acquired.com, in what is a further strengthening of an already flourishing partnership. This ground-breaking offering, running alongside numerous card acquirer integrations and a unified commerce reporting setup, will be a game changer for Point-of-Sale Open Banking rails.”