By utilising Mastercard’s open banking technology, the service allows users to pay third parties straight from their bank account over conventional ACH banking rails by sharing their financial information. Customers may now complete online transactions without having to manually input their banking information, and billers can stop taking the chance of holding sensitive financial data.
In order to lower the risk of returns owing to insufficient balance and minimise the possibility of payment failures, Pay-by-Bank is also integrated with Mastercard’s Smart Payment Decisioning Tools suite. These tools use data analytics and machine learning to determine the optimal time to initiate payments.