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Pay by Bank – Open Banking FAQ
Through our SaaS platform Orbyt now provides Pay by Bank as a convenient payment option for our clients. Discover the seamless and secure payment experience with this new Open Banking feature.
What is Pay by Bank?
Pay by Bank is an increasingly popular payment method that allows invoices to be paid quickly and securely using Open Banking.
Whether the consumer’s preferred invoice method is e-Invoice, print, email/SMS or digital mailbox, they can choose Pay by Bank and will be taken through a few quick steps which will allow them to authorise the secure movement of funds from their account to yours in a matter of seconds.
Why is Orbyt launching this new payment method?
Our aim is to get your business paid, painlessly and effectively. Pay by Bank is arguably the easiest and safest way to pay for consumers, and reduces fees, fraud, and failures for merchants.
In an economic climate where late payments and cash flow cause adverse problems for businesses all across Europe, Pay by Bank offers the potential to optimise the invoice experience and ensure businesses get paid on time, every time, while giving your clients a positive payment experience, too.
Is Pay by Bank safe?
Yes. As the payment is handled by the bank, the process benefits from bank-grade security but with the simplicity of paying in just a few taps or clicks.
Which industries can benefit most from Pay by Bank?
Pay by Bank offers advantages across various industries that require secure and convenient payment options. Sectors with significant customer bases, including Utilities, Financial Services, Insurance, Telecom, and NGO’s, can greatly benefit from this payment method by providing their customers with a seamless and secure option.
How does Open Banking work?
- The user scans the QR code on the bill or invoice
- The user chooses the bank for the account they wish to pay with
- The user is asked to authenticate the payment. On a mobile device, this will normally be biometric information such as Face ID or fingerprint, or the banking app PIN
- Once the user is authenticated, all the relevant information (transaction value, account number, etc.) is filled out automatically
- The user taps once more to process payment
- The invoice is paid
How can I find out more about Pay by Bank?
Schedule a demo with Orbyt, and discover the benefits your business can gain by incorporating Open Banking as a payment option.
First published 31 August 2023, updated 31 August 2023.