Paying with your mobile just got faster, convenient and more secure
VocaLink, the global payment partner to banks, corporates and governments, announce that Pay by Bank app, its mobile payments service, will soon be available to customers of HSBC and its subsidiary, first direct.
Pay by Bank app enables people to make ‘digital debit’ payments for goods and services via their banking app, with payment made directly from their current account.
HSBC and first direct join Barclays, Bank of Scotland, Halifax, and Lloyds Bank, who have all signed up to deliver Pay by Bank app to their customers.
Rajiv Garodia, Managing Director of Pay by Bank app, commented; “We’re delighted to formally welcome HSBC and first direct on board as they begin integration of Pay by Bank app into their mobile banking apps. We now have six of the UK’s biggest financial institutions, alongside a growing number of retailers and merchant acquirers, committed to delivering Pay by Bank app to their customers. This widespread support will usher in a new era of ‘digital debit’ mobile payments using Pay by Bank app, an entirely secure way to pay and be paid.”
Paul Stoddart, Deputy CEO of VocaLink, added, “Pay by Bank app is a transformational service responding to customer demand for fast, secure and convenient payments via mobile. We are excited to be bringing Pay by Bank app to both HSBC and first direct customers.”
Pay by Bank app provides a simple and convenient way for users to make a purchase online, via their bank app. Transactions take place in near real-time and you can see your account balance before you pay, helping manage your money more easily. The payment is made directly from your bank account and uses secure digital “tokens”, meaning you never reveal any financial details (including account details) to retailers when shopping. Crucially, verification is handled by your existing, trusted bank app.
Pay by Bank app is a digital debit technology, which is the payment innovation team within the VocaLink Group.
VocaLink is a global payments partner to banks, corporates and governments. We design, build and operate world-class payment systems.
We believe that sustainable economies are powered by easy access to and movement of money. Our award-winning platforms and payment industry expertise make it easier for people to make payments confidently and securely. Last year we processed over 11 billion transactions with a value of £6 trillion. In the UK, we process over 90% of salaries, more than 70% of household bills and almost all state benefits. Every business and person in the UK benefits from our technology.
In the UK, our high availability, resilient payment systems power the Faster Payments Service on behalf of the Faster Payments Scheme, the Account Switching platform, Bacs and the Direct Debit Scheme. We also connect the world’s busiest network of over 70,000 ATMs through the LINK scheme.
Our proven capability of implementing real-time payment systems in the UK has led to the development of immediate payment solutions for other countries such as Singapore and the United States. Our vision is to be the leading real-time payment infrastructure provider globally, creating a positive impact on society by shaping the payments landscape worldwide.
Our approach to designing world-class payment systems is driven by the voice of our customers. Their needs are at the centre of everything we do and we strive to deliver a flawless experience every single time.
We’re VocaLink. Powering economies, empowering people.
