Latest news with #MandyLamb
Yahoo
2 days ago
- Business
- Yahoo
Visa launches pay by bank solution in UK
Visa has introduced its new 'pay by bank' solution, Visa A2A, in the UK, designed to make bank transfer payments 'safer and smarter'. Visa A2A aims to provide a more secure method for managing bill and subscription payments through consumers' banking applications. It introduces Visa's consumer protection guidelines for bank transfer transactions, ensuring users can reclaim funds in the event of transaction errors. The service facilitates businesses with 'near real-time' transaction settlements and providing enhanced data for payment reconciliation. Additionally, businesses will receive notifications regarding changes or cancellations in payment authorisations. The open model of Visa A2A seeks to encourage collaboration among banks and industry partners, thereby promoting the expansion of open banking-enabled payment solutions for businesses. Following the initial rollout focused on bills and subscriptions, Visa plans to incrementally introduce A2A for ecommerce payments in the UK. The upcoming ecommerce solution will allow customers to authorise payments directly from their bank accounts, streamlining the checkout process with a one-click purchase experience. Visa UK and Ireland managing director Mandy Lamb said: 'The UK has spearheaded innovation in financial services for many years, and in light of increasing fraud and international competition, we must continue to lead the way. 'We are proud to be working with our partners to deliver a state-of-the-art pay by bank experience, coupled with Visa's best-in-class consumer protections. 'Visa A2A is a game-changer – it means for the first time UK consumers and businesses using pay by bank will benefit from a similar level of protection typically associated with card payments.' Last month, the payments firm announced the availability of Visa AR Manager in the US, a solution aimed at automating the virtual card transaction process to support and preserve existing card transaction volumes. "Visa launches pay by bank solution in UK " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Daily Mail
2 days ago
- Business
- Daily Mail
Visa launches pay by bank offering with built-in consumer protection
Visa has launched its own pay by bank offering, which it says comes with built-in consumer protection. The product, known as Visa A2A, makes use of Visa's consumer protections, making it the first pay by bank provider to offer protections for users, the firm said. These protections mean users will have clear guidelines on their rights and responsibilities if something goes wrong with their transaction. Visa said the offering, which it will roll out with a phased approach, will mean users will have the same consumer protections that they do with other online payment methods. Pay by bank is an increasingly popular payment method that allows customers to pay directly through their bank account, using their login credentials, including biometrics and facial recognition, to verify a payment. This payment method is gaining traction due to its ease and convenience for users, but retailers are also in favour of the technology as it is a cheaper alternative to more traditional online payment methods. Already in the UK, more than 25million pay by bank transactions are being processed every month in the UK. Mandy Lamb, Visa UKI managing director, told This is Money: 'Visa's pay by bank offering is designed to make pay by bank transactions - including bill and subscription payments - safer and smarter. 'Visa A2A is secured by Visa's leading technology, including biometric authentication and real-time fraud monitoring, helping to reduce the risk of unauthorised transactions. It introduces clear consumer protections and a dispute resolution process, offering consumers similar levels of protection to those typically associated with card payments.' 'Visa A2A is a game-changer,' Lamb said. Pay by bank technology has its critics in the UK, with some warning that there is a lack of consumer protection for large purchases, meaning that shoppers could lose out if something goes wrong with their purchase. Debit card transactions have chargeback protections, while credit cards offer Section 75 protection for payments between £100 and £30,000. Advocates of pay by bank, however, argue that these criticisms are overblown and that providers have an incentive to only work with trustworthy retailers. However, Visa's new offering means that consumer protection could be set to become a standard across the pay by bank industry. Unlike card payments, which often require users to input their details for each retailer, Visa says A2A will allow users to verify their payment method once, allowing them to then choose pay by bank at checkout for a 'one-click purchase experience'. Isabel Pitt, deputy director of payments at Nationwide Building Society, said: 'A2A payments are rapidly gaining traction across UK businesses and consumers, offering a seamless and efficient way to transact. 'However, for these payments to reach their full potential, the right framework - rules, capabilities, and protections - must be in place. 'This milestone innovation will enhance payment experiences and deliver greater security and convenience to Nationwide members.' Ian Burgess, managing director of Utilita, added: 'The reassurance that Visa A2A provides in terms of card-like protection to both the merchant and the consumer was a key factor in our decision to partner with Visa on this initiative and we can't wait to adopt this within both our credit and prepay payment journeys.'
Finextra
3 days ago
- Business
- Finextra
Visa A2A payments land in the UK
Card giant Visa is taking aim at the UK's burgeoning account-to-account market through its new pay-by-bank offering. 0 Visa A2A promises to give Brits greater choice, control and protection over how they pay via bank transfers. The firm says it will let people easily manage their bills and subscriptions through their bank app while effectively providing a similar level of protection typically associated with card payments. For businesses, Visa A2A takes advantage of real-time settlement through Faster Payment System to offer greater visibility over payments and simpler cash flow management. Firms can take advantage of the digital nature of the service to get notifications if a consumer changes or cancels payment permissions, and it also provides them with the ability to include more transaction data for reconciliation. With an operational technology platform ready to process bills and subscriptions, Visa plans to expand Visa A2A to include ecommerce payments in the UK with a phased approach. The firm is also working with an open model that will enable banks and other industry partners to join and extend open banking-enabled payments to businesses. Mandy Lamb, MD, Visa UK and Ireland, says: "Visa A2A is a game-changer - it means for the first time UK consumers and businesses using pay by bank will benefit from a similar level of protection typically associated with card payments." Isabel Pitt, deputy director of payments, Nationwide, adds: "A2A payments are rapidly gaining traction across UK businesses and consumers, offering a seamless and efficient way to transact. However, for these payments to reach their full potential, the right framework - rules, capabilities, and protections - must be in place. That's why we're excited to collaborate with Visa and our industry partners to bring Visa A2A to the UK."
