The new account to account solution is a fully digital and mobile-first shopping experience, especially designed for E-commerce and based on Open Banking. The Pay-by-Account service will be immediately available for Nexi’s merchants and their partner banks in Italy and, in the future, it will also be available for the other Nexi Group markets as well as for other PSPs as an alternative payment system.
Nexi, the European PayTech company, launches its Pay-byAccount service, a new alternative payment method, which uses the Open Banking technology to allow users to pay quickly and easily directly from the current accounts of all Italian banks and some large international banks.
The Pay-by-Account service is natively designed for a digital and mobile-first experience, both for e-commerce and omni-channel / in-store payments. It is easily and quickly integrated with payment gateways, back-end and store management software.
The new solution meets specific needs that are currently only partially covered by other payment methods: the Pay-by-Account service is indeed the perfect solution to collect in complete safety the so-called „large tickets”, i.e. the payment amounts exceeding 500€ which, in Italy, in 60% of the situations, are still paid using traditional methods such as checks, cash or bank transfers.
This is particularly relevant for sectors such as luxury retail, travel, hospitality. The Payby-Account service is also ideal for Telco, Utilities, Insurance and for all “large billers”, because it reduces reconciliation times and costs and it reduces the number of late or incorrect payments, while offering at the same time a fast and modern shopping experience.
“Nexi Pay-by-Account is the new account-to-account alternative payment solution based on Open Banking available from today for all Italian consumers and merchants. It guarantees to end customers a mobile-first payment method for ecommerce and omnichannel purchases. It also allows merchants and companies to manage high-value payments with fast integration, native omnichannel, certainty of collection, irrevocability of payment, risk reduction – said Renato Martini, Nexi Digital Banking Solution Director – It is a highly scalable solution, potentially extensible to other markets and new use cases”.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
