Leading payment platform Prommt has, today, announced adoption of its Pay by Bank solution has more than doubled, with businesses processing tens of millions per month through open banking across the UK and Ireland, and many implementing it as their default payment method. A report from Prommt demonstrates this adoption has more than doubled since April 2023 with strong adoption among its client base within automotive, hospitality, hardware, and luxury retail sectors. Prommt is a paytech platform that enables businesses to request, collect, and track card and open banking payments anytime, anywhere via any channel.

When it comes to open banking, Prommt's top-performing sector is automotive with the highest single transaction recorded at €72,714.25, a significant rise from the April 2023 figure of €62,593.56, reflecting the growing confidence in Pay by Bank as a payment method for shoppers. In addition to this, client insights from Prommt has also found the Average Transaction Value (ATV) for Pay by Bank transactions (€4,679) now quadruples that of card transactions (€1,147) within these high transaction value verticals. While card remains and will continue to remain an important payment method, there is a growing trend of processing higher-value transactions via Pay by Bank. This solution powered by Prommt eliminates the need to share IBANs and account numbers and the friction associated with that payer experience, often a key driver for late payments.

Prommt’s payments platform has seamlessly integrated both card and open banking capabilities to empower their clients to process payments dynamically according to their specific needs. By offering both Card and Pay by Bank options, Prommt’s clients are able to choose the most cost effective payment method for every transaction type. This dual card/bank offering has resulted in higher open banking adoption and a consistent increase in transaction volumes on a monthly basis. Prommt’s clients achieved over 93 percent payment success rates when  orchestration controls of Pay by Bank and Card are in use.

According to Juniper Research, the global value of open banking-powered payments will surpass €300 billion by 2027, up from just over €54 billion in 2023. As of 2020, 24.7 million individuals worldwide used open banking services, a number that is forecast to reach 132.2 million active users by 2024. The Prommt checkout is now accessible as a web payment, with Pay by Bank facilitating faster payment settlement and quicker access to funds. The solution allows businesses to cut costs and protect margins by significantly reducing high processing fees, card fraud and chargebacks, and payment operation costs associated with time-consuming bank transfers, drafts, or cheques, as well as costly high-value card transactions. 

Commenting on the doubling in demand for open banking services, Donal McGuinness, CEO of Prommt said, “We’ve seamlessly integrated Card and Open Banking payments, creating a powerful synergy that not only drives profitability for our users but also elevates the overall payment experience for payers. Demand has soared for open banking solutions and its ability to empower companies to achieve faster payments with reduced costs.”