By integrating Tink’s payment initiation services (PIS), Lemonway can enable merchants to offer a digital payment method that reportedly improves the user experience. With Pay By Bank, end-users can connect to their bank account and authorise the transaction in a few simple steps.
Pay By Bank expands the payments options available to Lemonway’s customers and reportedly provides an improved experience compared to traditional payment methods. It offers higher payment thresholds and a secure transaction method that takes fewer steps to complete because the payment can be initiated directly from the bank without manually filling in payment details – all within the same online environment.
Pay by Bank also aims to revolutionise payments in the wider financial services market. The new service will enable investment firms to connect directly to their investors’ bank accounts, supposedly enabling faster onboarding experiences and avoiding delays when adding beneficiaries to an investment account in order to deposit and receive funds.
Lemonway’s payment services have been trusted by more than 1,400 marketplaces and 200 crowdfunding platforms in Europe, with 8 million payment accounts (e-wallets) and more than 210 platforms registered as agents. In the last year, the value of payments processed by Lemonway increased by 90%.
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