(CercleFinance.com) – Bank of America has announced the launch of a collaboration with British ‘fintech’ Banked after participating in the last fundraising of 20 million dollars led by this start-up.
With this partnership, the American financial services giant says it wants to facilitate online shopping by allowing its users to pay directly from their bank account.
At the time of payment, the customer is redirected to his online banking platform, from which he authenticates himself by entering his identifiers to validate the payment.
Once authenticated, the payment is sent directly from the bank to the e-merchant’s account.
According to a recent study by Allied Market Research, the online transaction industry is expected to reach $43 billion by 2026 in Europe alone.
After the United Kingdom, Bank of America plans to deploy the ‘Pay by Bank’ service designed by this specialist in alternative online payment methods in other countries.
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