RCS - PCI-PAL PLC - PCI Pal launches open banking payments product

PCI- PALAnnouncement

22/09/2022 07:00

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RNS Number : 1886A  PCI-PAL PLC  22 September 2022

 

 

 

RNS Reach

 
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
PCI Pal launches open banking payments for contact centres:
The first in a series of new payment products
 
The new digitally-native payment product, powered by open banking technology,
offers consumers choice to instantly Pay By Bank, authorising payments
 via their mobile banking app or online banking portal.
 

 

PCI-Pal (AIM: PCIP), the global cloud provider of secure payment solutions for
business communications, announces the launch of its Pay By Bank open banking
solution for contact centres. It is the first in a series of new
agent-assisted, digital payment products that enable merchants to minimise the
cost of transactions and provide instant refunds - all while reducing fraud
risk and chargeback costs. The first iteration of the service gives consumers
the option to pay from any bank in the UK, with further global regions to be
launched shortly.

 

With analysts IDC predicting that almost three quarters of digital consumer
payments globally will be conducted via platforms owned by non-financial
institutions by 2030*, PCI Pal's new Pay by Bank offering makes highly secure
omnichannel, bank to bank payments possible across all contact centre
channels, including voice (phone), chat, and social. It eliminates card and
interchange fees, while fraud risk and chargebacks will be reduced as
consumers directly authenticate with their bank, creating further cost savings
for merchants while improving the payment experience for consumers.

 

Pay by Bank from PCI Pal uses bank-grade security from our technology partner
TrueLayer and is seamlessly integrated to PCI Pal's existing agent-assisted
contact centre solutions. Agents benefit from being able to follow the
customer payment journey in real-time, without being exposed to sensitive data
yet aiding where needed, to maintain a great customer and agent experience. As
a result, PCI Pal's integrated partners will have immediate and
straightforward access to these new capabilities, allowing them to benefit
from an improved value proposition to their own customers.

 

A key differentiator compared to other solutions available today is our
technology integration with Truelayer, enabling payments from any bank rather
than a minimal amount of named institutions via a third party application. Pay
by Bank from PCI Pal allows merchants to achieve the true benefits of open
banking technology within their contact centre.

 

James Barham, Chief Executive Officer at PCI Pal, said: "In the last five
years PCI Pal has executed against its ambitious growth plans to be the global
leader in cloud-based secure payment solutions for the business communications
market.  Additionally, during that time, PCI Pal has also built the most
extensive partner eco-system in the market, working with many of the world's
leading business communications vendors and 'BPOs', leveraging both its
globally-available cloud technology and partner network to access the breadth
of the data security market in contact centres worldwide.  With this first
new payment-focused product, we are taking the first steps in the Company's
expanded growth plans, broadening our product focus, empowering merchants with
more payment capabilities to drive revenue and reduce costs, whilst
capitalising on our core strategic foundations across technology and the
partner eco-system we have built to date."

 

Mufti Monim, Chief Technology Officer at PCI Pal, added: "This Pay by Bank
capability, powered by open banking technology, is the first of a new series
of product innovations from PCI Pal which will provide enhanced digital
payment journeys for merchants. This innovation makes payments - and instant
refunds - quicker, easier, and highly secure. The omnichannel experience means
customers simply choose how they wish to pay by clicking a link shared by the
merchant via live chat, push notification, SMS, or email. They don't have to
key in their card details or trust a website to store them; they instead
select their bank from the list and securely approve the purchase with a
fingerprint or face ID or other authentication method provided by their
bank.

 

"For merchants this Pay by Bank capability can increase revenue by improving
conversion rates and provide cost savings, as payment service provider fees
are replaced by less costly transaction fees.  Additionally, payments are
typically credited instantly via Faster Payments.

 

"PCI Pal has solved the PCI DSS compliance problem: now we're investing in and
further developing our products to create new revenue generation and
cost-benefitting solutions for contact centres as businesses strive to
commercialise further customer interactions and enhance their payment
experience."

 

'BPO' - Business Process Outsourcers - typically large outsourced contact
centres with a global footprint

 

For further information, please contact:

 

 PCI-PAL PLC                                 Via Walbrook PR
 James Barham - Chief Executive Officer

 William Good - Chief Financial Officer

 finnCap (Nominated Adviser and Broker)      +44 (0) 20 7227 0500
 Marc Milmo/Simon Hicks (Corporate Finance)

 Richard Chambers (Corporate Broking)

 Walbrook PR                                 +44 (0) 20 7933 8780
 Tom Cooper/Nick Rome                        +44 (0) 797 122 1972
                                             PCIPAL@walbrookpr.com

 

 

Reference:

 

*IDC predicts that 74% of digital consumer payments globally will be conducted
via platforms owned by nonfinancial institutions by 2030:

https://www.paymentscardsandmobile.com/74-of-payments-to-be-handled-by-non-traditional-financial-providers/#:~:text=According%20to%20a%20new%20study,banks%2C%20insurers%20and%20credit%20unions
(https://www.paymentscardsandmobile.com/74-of-payments-to-be-handled-by-non-traditional-financial-providers/#:~:text=According%20to%20a%20new%20study,banks%2C%20insurers%20and%20credit%20unions)
.

 

 

About PCI Pal:

 

PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that
empower companies to take payments from their customers securely, adhere to
strict industry governance, and remove their business from the significant
risks posed by non-compliance and data loss. Our products secure payments and
data in any business communications environment including voice, chat, social,
email, and contact centre. We are integrated to, and resold by, some of the
worlds' leading business communications vendors, as well as major payment
service providers.

 

The entirety of our product-base is available from our global cloud platform
hosted in Amazon Web Services ("AWS"), with regional instances across EMEA,
North America, and ANZ.

 

For more information visit www.pcipal.com (http://www.pcipal.com) or follow
the team on Linkedin: https://www.linkedin.com/company/pci-pal/
(https://www.linkedin.com/company/pci-pal/)

 

 

 

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