Nuvei Teams Up With American Express for A2A Payments

Pay with Bank transfer (PwBt), an initiative powered by American Express, has chosen Canadian fintech firm, Nuvei Corporation, as its first acquirer authorised to promote and sell PwBt’s Open Banking-enabled payment service.

This new approach to payment allows users to complete transactions directly from their bank accounts. It eliminates the need for entering card details or additional authentication steps. For merchants, the PwBt system presents a seamless payment method where funds are quickly reconciled, and processing fees are competitive.

Nuvei will be marketing the PwBt service to both existing and prospective UK merchants, assisting them with the integration of the Open Banking payment method into their online platforms.

Open Banking Attracting Consumers and Merchants

In the UK, over seven million consumers are currently making payments directly from their bank accounts through Open Banking. Early adopters of the system include the travel and utility sectors. The security benefits of PwBt make it an attractive option for high-value, one-off payments, and instant bill payments.

Nuvei customers can integrate PwBt directly into their online checkout process via their existing connection to Nuvei technology. The full-stack payment solution from Nuvei enables online businesses to streamline their checkouts and back-end payments flow.

Nuvei and American Express Foster Secure, Efficient Payments

Philip Fayer, Nuvei Chair and CEO, expressed pride in offering the PwBt service to their merchant partners. He emphasized the company’s dedication to fulfilling customer demand for secure and efficient payment options.

Holly Coventry, Vice President, International Open Banking Payments, highlighted the growing consumer preference for simple and secure payment methods. She expressed the partnership’s intention to bring PwBt to more merchants and promote widespread consumer adoption.

PwBt Integration Now Available for Nuvei Partners

All Nuvei partners that sell to consumers in the UK can now instantly integrate PwBt. The technology, powered by American Express, is open to everyone with a UK bank account. This means that customers can benefit from the frictionless payment method and enjoy American Express’ bank-level security.

Exploring the Future of Open Banking Payments

As a part of their collaboration, Nuvei and American Express have released a co-authored whitepaper titled “Reaching the tipping point: What needs to happen to realise the potential of Open Banking payments”. This paper examines consumer attitudes, awareness, and understanding of Open Banking payments, and explores the factors influencing or inhibiting merchant adoption.