In a bid to improve its technology offering and allow it to cater for virtual collection payments, Bankzy Open Banking and Payment Pros introduced an additional Payment Links feature across the UK. Currently processing and managing over GBP 2 billion in payments annually for customers, the group intends to meet the expanding demand from its growing B2B merchant base.
Bankzy’s launch and development strategy
According to Bankzy’s officials, the company developed a solution to mitigate the difficulties faced by merchants during the credit collection process, with the launch coming based on the demand received from the firm’s customers. Some of the solution’s features include the ability to upload invoices and delivery notes, which work towards ensuring that customers benefit from an efficient and secure process. In addition, Bankzy provides an embedded rewards and discount capability which aims to increase customer adoption.
The press release also mentions that the initial launch was focused on several of Bankzy’s largest merchants within the UK F&B wholesale sector, with the company receiving positive feedback from customers. Bankzy Open Banking is committed to minimising the processing costs of the collection of payments in the B2B sector, allowing businesses to accept instant bank-to-bank transactions from their users. Moreover, by using Bankzy, merchants can receive their funds instantly, while mitigating fraudulent activities via two-factor SCA. As per the company’s data, on average, merchants witness an approximate 90% minimisation of processing costs compared to traditional B2B card payments.
