American Express is launching a new product to enable UK consumers to pay for online purchases with a bank transfer.

The scheme, Pay with Bank Transfer, will be a real-time payment option available to current account holders at UK banks. It will also be accessible to those who are not Amex card members.

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Dan Edelman, VP at American Express, said: “American Express is driving innovation in payments. Pay with Bank transfer reflects our commitment to delivering choice for UK consumers and businesses through new ways to pay.

“Today’s announcement is another way American Express is offering digital-first solutions. We’re excited about Open Banking and the benefits this product will provide to both consumers and merchants.”

American Express has partnered with merchants to launch the product, which will be available on ecommerce sites later this year. These include Hays Travel, JustGiving, Oak Furnitureland, Richer Sounds, Royal Lancaster London Hotel, and Thai Airways.

With the new product, consumers will be able to make online payments without a card and view their balances before payment.

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Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE), said: “It’s great to see American Express seizing the potential that Open Banking can bring to companies. This will help businesses offer a new method to swiftly and securely accept online payments from their customers.

“American Express can offer extensive payment experience, which will help to build trust in Open Banking and encourage adoption of an innovative new method of payment.”

Is Open Banking the way forward?

Open Banking hopes to allow people to control their financial data more efficiently. This follows new EU rules that allow people to access financial data and share it with third parties.

Keith Williams, General Manager and Head of JustGiving UK, said: “Over the past 19 years, JustGiving has built a special relationship and trust with its fundraisers, crowdfunders, donors and charities where every penny raised has real purpose to do more good in the world.

“How consumers prefer to pay has never been under so much change, scrutiny and advancement. We are pleased to be partnering with American Express to be the first giving platform to innovate through Open Banking. This will not only put us at the forefront of consumer behaviour in payment and banking innovation, it will also make giving even easier.”

Amex will continue to roll out Pay with Bank Transfer across additional ecommerce sites throughout 2020.