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We help retailers to save money and get quicker access to cash through allowing customers to make payments directly from their bank account - effectively, a bank transfer.
About
Loyalize is a white label, open banking payments platform. Our solution uses open banking technology to power real-time payments, called Pay by Bank. We help retailers save money on transaction fees, improve their cashflow and enhance the customer experience by adding more value to the payments journey. What is Pay by Bank? -> An Open Banking Payment, or “Pay by Bank”, allows a customer to make a payment directly from their bank account - effectively, a bank transfer. -> In doing so, the feature bypasses all of the interim partners associated with a typical card transaction. -> Therefore, retailers benefit from significant commercial savings and quicker access to cash through removing these middle players. -> Pay by Bank uses Strong Customer Authentication (SCA) regulation, helping to reduce fraudulent transactions by over 95%. -> The solution saves time at the checkout by offering a single scan payment & loyalty channel.
Key Benefits
By implementing Open Banking Payments, retailers and organisations benefit from: -> Seamless Customer Experience - payments process uses customers own mobile banking app -> Faster Payment Process - payments are confirmed in seconds -> Reduce Fraud - every payment adheres to SCA and is part of the bank’s own fraud detection and security measures -> Faster Payment Settlement - significantly improved cashflow with access to funds in seconds -> Lower Operational Costs - no card interchange fees, no gateway fees and less time spent reconciling -> No Chargebacks -> Improve Customer Loyalty - provide a single-scan payment and loyalty solution
Applications
Our solution can be implemented across both online and in-store transactions, across multiple sectors. We have a core focus on Retail, with additional applications across Airlines, Hospitality, Sports, Fintech and B2B.