ISX Financial Launches Open Banking Solution, PaidBy(R) to WIX Merchants Across the UK.
Nicosia, Dec 5, 2023 AEST (ABN Newswire) - ISX Financial EU Plc, the developer of PaidBy(R) www.paidbybank.com, the specialist open banking payment platform has partnered with Wix.com Ltd (NASDAQ:WIX), a leading global SaaS platform to create, manage and grow online presence. Through this partnership, Wix's UK-based merchants have access to PaidBy(R), open banking payments service, and their customers can pay directly from their current banking app or web portal.
The safe & simple PaidBy(R) bank payment process will help improve merchant checkout conversions by offering a seamless experience, enabling customers to make payments in as little as three steps, all from the trusted environment of their banking app or web portal. PaidBy(R) starts with an automated online onboarding system, which enables UK merchants to complete their onboarding and Know Your Business process in minutes. This enables merchants to spend less time onboarding and more time transacting.
PaidBy(R) utilises the UK's open banking network, which connects the UK's largest banks, enabling them to move money between accounts in seconds. As cash flow is critical, Wix merchants in the UK will have access to their funds the same day. By eliminating the need for card schemes and networks, PaidBy(R) offers a seamless experience for merchants and their customers.
PaidBy(R) payment infrastructure further enables higher conversion rates with fewer chargebacks in a safer and more secure environment for merchants and their customers.
Managing Director & CEO Nikogiannis Karantzis said, "ISX Financial is thrilled to be partnering with Wix, on our full open banking orchestration service that competes with online card scheme processing. This mass application of Open Banking coupled with ISX-issued sort code-based merchant accounts and a full API-driven notification service is unique, innovative and will deliver real benefits for customers and merchants alike, and delivers the ease and flexibility that Wix is famed for.
"We are constantly finding new ways to support our merchants in order to provide them with innovative tools for business growth. This enables them to extend their online footprint, and deliver exceptional service to their customers," said Volodymyr Tsukur and Amit Sagiv, Co-Heads of Wix Payments. "We look forward to working with PaidBy to provide seamless open banking solutions to our UK merchants."
Merchants will benefit from same-day payment to their ISX-issued account 365 days per year, better assisting them to ultimately deliver products and services to their customers faster. "
Discover more about PaidBy(R) for Wix merchants here: www.paidbybank.com
About ISX Financial
ISX Financial EU PLC is a 'banktech' company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney's multi-Currency IBAN accounts coupled with PaidBy Bank instant open banking provide merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial's consumer product "flykk" is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk(R) is a two-sided network developed on ISX's own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk(R) allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point of sale transactions.
ISX Financial's subsidiary Probanx(R) also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.