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  • Payment
  • United Kingdom

Open Banking: American Express Unveils a Credit Transfer Solution


  • The American card scheme AmEx launches an e-payment solution enabling customers to pay directly from their bank account.
  • Goal: Provide merchants with a universal and efficient alternative to card payments.
  • This new feature called Pay With Bank Transfer relies on the scheme’s PISP status to initiate credit transfers from the cardholder’s current account to the merchant’s account.
  • How it works?
    • When validating their shopping cart online, buyers have to choose the dedicated option.
    • Once the Pay With Bank Transfer button clicked, a list of institutions is displayed, so they can choose their bank.
    • They are directed to their e-banking portal to run the authentication process and confirm the transaction.
  • Pay With Bank Transfer will be made available in Q4 2019 to UK current account holders, even if they haven’t subscribed an AmEx card.
  • Partners: Amex teamed up with several merchants from various industries, including Royal Lancaster London, Hays Travel and Thai Airways.
  • They are planning on featuring their solution with an initial list of merchant partners by the end of the year. Other e-merchants could be joining in 2020.


  • Open strategies for the sake of innovation. A few months ago, Adyen started enabling merchants to accept instant credit transfers. AmEx is also making the most of PSD2 implementation to craft innovative solutions for their British customers.
  • Securing loyalty. Among benefits for both merchants and end customers, Pay With Bank Transfer is a real-time transfer solution, enhancing customer experience and featuring an additional payment option for customers. They can also check their account balance prior to making transactions online.
  • 2-Factor Authentication. Pay With Bank Transfer also stands out as a response to recently implemented security requirements on e-payments. In the UK, as well as in France, a delay has been granted to banks and merchants so they could comply with the new European SCA regulation.


  • Slightly more than a month ago, American Express said they were planning to buy out the e-payment service provider Acompay from ACOM Solutions.
  • AmEx’s strategy is reminiscent of Visa and Mastercard moves, as they are also working on instant payment-related services. Only recently, Mastercard launched a Request to Pay solution by VocaLink. These schemes are making sure they can expand their reach beyond card payments.