Plaid has launched its new Pay by Bank for Bill Pay solution, aimed at providing customers with higher adoption and fewer returns for an optimised experience. Following this announcement, Pay by Bank for Bill Pay was developed in order to optimise the manner in which businesses capitalise on the opportunity of bank payments by offering a more cost-effective, secure, and efficient way for clients to pay directly from their bank accounts.

This process will be powered by Plaid’s network services. In addition, higher adoption means that businesses will benefit from greater cost savings, up to 40% lower processing costs compared to cards, as well as fewer returns for all types of recurring payments with intelligent risk assessment. The financial institution will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.

More information on the product launch announcement Throughout this launch, the company provides both authentication through online banking and traditional account and routing number validation in the background. There is no need to stitch together multiple vendors, so no matter the way the customer prefers to pay with their bank accounts, its end-to-end Pay by Bank solution will securely accept it. In addition, the service is available across all channels – online, in-app, and in-store, as well as at hosted contact center services.

Furthermore, Plaid’s risk engine, Signal, is embedded into the Pay by Bank service, and it is set to use ML-driven network insights in order to enable customers to stop worries about failed payments, closed accounts, or insufficient funds. At the same time, it will also optimise approvals during the payment flow, and Signal will provide insights about when to retry failed payments, cutting down on churn and contact center inquiries. The service is expected to help prevent payment fraud before a transaction takes place by using machine learning to detect any abnormal transaction patterns and flag potential fraud in real-time.

Pay by Bank for Bill Pay will also help drive optimised adoption of bank-based payments across more types of recurring payments while being set to give customers more flexibility in how they pay and driving enhanced savings for businesses. For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database. Source: Link .