Trust has always been central to payments, but it is changing as payments evolve.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.Traditionally, trust resided in the network brand stamped on a physical payment card, ...

TrueLayer, a UK-based payments network, has launched Pay by Bank payments in Finland. The service will be available via Kustom Checkout, which provides checkout services to more than 24,000 online merchants across the Nordics. Stripe, an investor in TrueLayer, powers the rollout as part of the implementation. Under the arrangement, merchants using Kustom Checkout can offer shoppers an instant bank payment option at checkout. TrueLayer’s open banking technology enables customers to pay directly from thei ...

Core Insights - Interchecks and Mastercard have formed a collaboration to enhance account-to-account (A2A) payments by integrating Interchecks' Pay by Bank solution with Mastercard's Open Finance capabilities [1][4] Group 1: Partnership Details - The partnership aims to leverage Mastercard's Open Finance verification and network to expand the accessibility of Pay by Bank in new markets and various use cases [1] - The collaboration targets key payment challenges such as reducing failed subscription transactions, providing faster and more flexible account funding, and improving recurring bill payment experiences for both businesses and consumers [2] Group 2: Pay by Bank Solution - Pay by Bank allows subscription businesses to streamline the checkout process by utilizing current bank authentication protocols to gather necessary information for recurring payments [3] - The use of bank-authenticated data insights helps protect merchants and consumers by ensuring timely payments and minimizing the risk of transaction fees due to insufficient balances [3] Group 3: Executive Insights - Interchecks CEO Dylan Massey emphasized the company's commitment to developing fast, secure payment solutions tailored to the needs of businesses and customers, highlighting the partnership with Mastercard as a significant step in simplifying and securing direct bank account payments [4] Group 4: Related Collaborations - Recently, Mastercard and TerraPay announced a partnership to enhance digital payment capabilities for wallet providers globally [4] - Additionally, Tencent's TenPay Global and Mastercard Move have partnered to facilitate transparent and quick digital remittances to Weixin Pay within China's Weixin ecosystem [5]

Company Acquisition - ACI Worldwide has acquired Payment Components, a provider of financial messaging and open banking solutions [1][2] - The acquisition aims to integrate Payment Components technology into ACI Connetic, ACI's cloud-native unified payments platform [2] Strategic Impact - ACI's CEO, Thomas Warsop, stated that the acquisition will enhance ACI Connetic's capabilities and set a new standard for banks in payment transformation within the digital economy [3] - Payment Components, founded in Greece in 2014, serves 65 banks and institutions across 25 countries and utilizes generative AI to improve payment processes [3] Open Banking Insights - Recent research indicates that a significant knowledge gap exists among U.S. consumers regarding open banking payments, with 56% unaware of the option [4] - The report suggests that the pay by bank method could gain traction in sectors where consumers already link accounts directly, such as betting and ridesharing [5] - Younger consumers, particularly Generation Z and millennials, show a strong interest in using pay by bank for transferring funds, with over 40% expressing willingness [6]

Core Insights - Coinbase has partnered with Tink, a Visa-owned open banking platform, to facilitate crypto purchases via a "pay by bank" option in Germany [2][4] - This collaboration aims to enhance user experience by allowing quick and secure transactions directly from bank accounts, thereby simplifying access to the crypto economy [3][4] Group 1: Partnership Details - The partnership introduces a new service for Coinbase users in Germany, providing them with more options for managing crypto purchases [2] - Tink's technology enables customers to top up their accounts with minimal effort, streamlining the process of accessing cryptocurrencies [3] - The initial phase of the collaboration will focus on fiat pay-ins and pay-outs, supporting Coinbase's payment orchestration [5] Group 2: Market Context - Research indicates a general lack of consumer awareness regarding the "pay by bank" method, suggesting that its adoption may be more successful in sectors where direct account linking is common [6] - Younger demographics, particularly Generation Z and millennials, show a strong willingness to experiment with this payment method, with over 40% expressing interest in using it for transferring funds between bank and brokerage accounts [7] - Ease of use is a significant factor for current users, with nearly 40% citing simplicity as the main attraction of the "pay by bank" method [7]

Core Insights - TrueLayer has agreed to acquire Zimpler, a Pay by Bank network in the Nordic countries, to enhance the adoption of Pay by Bank services across Europe [1][4] - The acquisition will provide TrueLayer access to a user base of over 20 million and extend its reach into key markets like Finland and Sweden [2] - The deal is expected to integrate the Swish payment rail into TrueLayer's A2A offerings, further promoting Pay by Bank methods [3] Company Strategy - TrueLayer aims to combine talent, technology, and scale through this acquisition to accelerate Pay by Bank adoption across Europe [4] - The transaction is pending regulatory approval from the Swedish Financial Supervisory Authority [4][5] - TrueLayer plans to keep stakeholders updated on the regulatory review process through official communication channels [5] Market Context - The Nordic region is recognized for its high adoption rates of account-to-account (A2A) payments, making it an ideal testing ground for Pay by Bank systems [2] - The acquisition aligns with broader trends in the payments industry, where companies like Stripe are also exploring Pay by Bank options in markets such as France and Germany [5]