Enschede, The Netherlands: Press-release by Pay.
Payment initiation is an important part of the European PSD2 directive. This directive requires banks in the European Union to support Payment Initiation, among other things. Payment Initiation makes it possible for third parties, such as Pay., to carry out online transactions on behalf of consumers from their bank accounts. And as of now, Pay. is collaborating with ibanXS for this purpose. ibanXS provides access to any European bank via a cloud-based platform, enabling Payment Initiation for Pay.
A pilot is currently running. From May 2023, Payment Initiation will be made active for all clients of Pay.
Payment initiation is a type of payment service that allows a third-party provider, such as Pay, to initiate a payment on behalf of a customer using their bank account. The customer must give their express consent for the payment initiation to take place. This payment method is often used for online payments, allowing customers to make purchases without manually entering their payment details. Payment initiation services are covered by the Payment Services Directive (PSD2) in the European Union.
As a specialist in Payment Initiation, ibanXS provides Pay. with the latest and most secure payment technologies, enabling Pay. clients to process online payments effortlessly and cost-efficiently. With this partnership, our merchants can count on an even faster, safer and more reliable payment solution. This leads to an improved user experience for consumers, and thus higher customer satisfaction. The combined expertise and technological solutions of ibanXS and Pay. have a positive impact on the payments market and stimulate further innovation.
“The cooperation between ibanXS and Pay. allows us to offer Pay. clients a secure, fast and cost-efficient payment solution according to the latest security protocols. We are delighted to take this step with Pay. and thus together enable Pay. merchants to benefit from this service,” said Edy Bruinooge, commercial director of ibanXS.
In time, Payment Initiation is likely to become a lot more common and popular in the Netherlands. This is not only because support for Payment Initiation is mandatory for all Dutch banks, but also because alternatives, such as iDEAL, are becoming increasingly expensive (and unattractive to merchants).
Want to know more? Read more (in Dutch) about Pay. and their Payment Initiation here.