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The big processor Nuvei Corp. extended its reach into open banking Thursday through an agreement with American Express Co. to sell AmEx’s Pay with Bank transfer open-banking solution. Pay with Bank transfer (PwBt) enables consumers to pay for purchases directly from their bank account online or in-store.
The partnership comes on the heels of Nuvei’s deal with KoreConX, a technology provider specializing in enabling such payments for individual investors, to process investments in private companies using card and account-to-account networks to route the transactions.
Under the terms of its deal with AmEx, Nuvei will sell PwBt to existing and prospective merchants in the United Kingdom, where more than 7 million consumers are making payments directly from their bank accounts using open-banking technology, according to Open Banking Ltd., which developed the open-banking standard uses in the U.K.
Nuvei merchants will be able to integrate PwBt into their online checkout through their existing connection to Nuvei’s platform.
“In today’s digital-first world, consumers are looking for simple and secure ways to make payments,” Holly Coventry, vice president for international open-banking payments for Amex, says in a statement. “Merchants that recognize 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.”
In addition to selling PwBt, Nuvei has co-authored a whitepaper with AmEx titled “Reaching the tipping point: What needs to happen to realize the potential of Open Banking payments.” The whitepaper examines consumer attitudes, awareness and understanding of open banking payments, and the factors that may be influencing or inhibiting merchant adoption of open-banking technology.
