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Paylink Solutions transforms payment experience for struggling customers through Pay by Bank

Fintech Paylink Solutions is supporting clients at free debt advice provider PayPlan by helping them move away from traditional card payments and towards Pay by Bank – a more secure, convenient, and cost-effective method of payment.

Paylink Solutions’ partnership with payment service provider Ecospend – a Trustly Company and its partner for Pay by Bank – allows customers who’ve fallen behind with repayment plans to make instant payments and get back on track with their arrangement.

The Pay by Bank journey enables customers to make seamless transactions directly from their mobile banking app, eliminating the need for card details and reducing the risk of fraud. By leveraging Open Banking APIs, Pay by Bank empowers users to authorise payments using their trusted banking interface, providing a streamlined and secure payment experience.

More than 41% of PayPlan’s customers have converted from card payments to Pay by Bank. One of the standout benefits of Pay by Bank is its simplicity and ease of use, helping customers keep control of their finances. Results from a recent survey by PayPlan show that 50% of customers who had made the switch were aged 51 and above, highlighting the aligned confidence in digital payment methods used across age groups.

Thanks to Ecospend, customers can initiate payments with just a few taps on their mobile devices without the hassle of entering card details, remembering passwords, or navigating multiple screens. This frictionless experience ensures a swift process, enhancing customer satisfaction and reducing abandonment rates.

Another key advantage of Pay by Bank is its cost-effectiveness. Traditional card payments often involve interchange fees, processing fees, and chargebacks. Pay by Bank eliminates many of these expenses, offering a more affordable and transparent payment solution. PayPlan has already achieved savings of 11% in the early stages of development, with further savings to follow as the service continues its roll-out.

When using Pay by Bank, Open Banking is leveraged to establish a secure connection between the user’s banking app and the payment platform, meaning sensitive card information isn’t shared, significantly reducing the risk of data breaches and card fraud. By utilising secure bank-to-bank technology, Paylink Solutions ensures that customer data remains protected, fostering trust and confidence among consumers.

Andrew Alder, Director of Developments and Partnerships at Paylink Solutions, said: “We are thrilled to highlight the numerous benefits of Pay by Bank, led by Open Banking, a game-changing payment method that prioritises security, simplicity, and inclusivity. 

“Open Banking serves as the underlying infrastructure that enables the secure exchange of financial information and facilitates the seamless functionality of Pay by Bank. It ensures data privacy, enhances transaction security, and allows for real-time payment initiation and verification, all while providing users with control over their banking data and payment activities.”

Of those who took part in the PayPlan survey, 94% said they were happy with the journey and felt improvements couldn’t be made to the payment experience. Nearly half (45%) opted to use Open Banking as no debit card was required and it removed the need to enter card details. Additionally, 20% said they felt confident having total control over payments with a quicker speed of clearance.


About Paylink Solutions

Paylink Solutions is a multi-award-winning fintech provider that delivers digital affordability solutions across the financial services sector.

It delivers its Embark customer affordability platform to some of the UK’s leading banks, building societies, utility companies and other lenders. Embark provides a full picture of someone’s financial situation and allows agents to recommend an affordable solution based on their circumstances, with additional features including Open Banking, digital triage, arrangement proposals and auto requests for future affordability assessments.

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