Pay by Bank

Join the movement towards instant online bank transfers.

Pay by Bank is a real alternative to card payments, with lower fees, instant settlement and zero chargebacks. It also has the benefit of instant reconciliation. Pay by Bank is part of the EU’s OpenBanking movement, the drive towards instant online payments, with greater security and transparency of fees.

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According to a report by the European Central Bank (ECB) published in September 2020, the adoption of Payment Initiation Services (PIS), which includes Pay by Bank, has been steadily increasing across Europe.

Instant and secure

Funds are debited from the end customer's bank account and transferred directly to the merchant's NoFrixion Current Account in real time. After logging in to their bank account, the end customer is presented with pre-populated payment details, including the amount and merchant information. No manual input is required, reducing the risk of errors and chargebacks.

Customer driven

After logging in to their bank account, the end customer is presented with pre-populated payment details, including the amount and merchant information. No manual input is required, reducing the risk of errors and chargebacks.

Lower fees than
card payments

With fixed transaction fees, rather than a percentage role, Pay by Bank is an economical alternative to card payments with direct-to-bottom-line advantages.

Here's how it works

01Checkout

The Checkout includes a Pay by Bank option, which the user selects.

02Bank login

The user selects their bank, and their bank login process is initiated while the MoneyMoov API passes the invoice data to their bank

03Customer approval

Once logged in to their bank account, the end customer is presented with the amount and merchant details, all of which are pre-populated. The end customer then approves the payment.

04Instant transfer

Funds are debited from the end customer's bank account and transferred directly to the merchant's NoFrixion current account in real time.

05Confirmation

The MoneyMoov API notifies the merchant checkout of payment status. The end customer is then redirected to the confirmation page automatically.

Image representing the different stages of a Pay by Bank flow.

No manual input required,
no errors, no chargebacks, lower fees.

MoneyMoov API

One API to rule them all

Get paid with Cards, Bank and Bitcoin Lightning. Create multiple bank accounts, process payments automatically from within core business applications. Move money, pay suppliers and employees programmatically. All with just one API, one Embedded Finance partner.

Read our API docs