Radial, a bpostgroup company and a leader in e-commerce solutions, has partnered with Link Financial Technologies on its cutting-edge payment solution ‘Pay by Bank’ to offer global merchants more efficient, secure and cost-effective payment methods.
In the highly competitive world of online shopping, merchants grapple with combating fraud while contending with authentication and payment expiration concerns. In the e-commerce payment industry, merchants must identify secure options for routing consumer transactions to reduce revenue losses and improve the customer journey.
Radial’s open banking Pay by Bank solution facilitates direct fund transfers from customers’ bank accounts to merchants, presenting a significant departure from traditional credit card and wallet transactions. Pay by Bank ensures guaranteed payments by leveraging Link Money’s proprietary AI/machine learning model, providing merchants with confidence and eliminating the uncertainties associated with traditional payment methods.
“This is an example of a forward-thinking partner taking initiative over and above their existing payment providers to implement a payment method that merchants are asking for,” said Shaun Vanderkaap, vice president of strategy at Link Money. “By working with Radial, we will be able to deliver our cost-effective, more secure, Pay by Bank payment method to their merchants.”
The solution boosts merchant profitability by reducing transaction fees by 70-80%, making it an economically favorable option. Compared to credit cards, Pay by Bank requires customers to authenticate payments in their trusted banking app, reducing the risk of fraudulent activity.
“With over 25 years of experience in payment processing and fraud management, we are committed to providing our merchants with the latest payment and fraud solutions through innovation and partnerships,” commented Yvan Gilliard, senior vice president of payment solutions and omnichannel at Radial. “Open banking is emerging as a transformative force in the e-commerce industry, offering a secure and appealing alternative to traditional payment methods for merchants and consumers.
“We are excited about the potential to leverage open banking, as it aligns with our vision and provides a refreshing and extremely user-friendly experience for all stakeholders. Our partnership with Link Money is a significant step toward revolutionizing the payment industry, and we are thrilled to lead this transformative journey.”
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