Bank of America and Banked Expand Pay by Bank to Euro Payments

On October 10, 2022, Bank of America and UK-based fintech Banked Ltd announced the expansion of their Pay by Bank solution to support real-time euro currency payments for e-commerce transactions. The partnership, which originally launched in the UK in February 2022, now enables direct bank account payments in euros, broadening its reach to European merchants and consumers. Pay by Bank allows shoppers to authorize payments directly from their bank accounts without needing a card, reducing transaction costs for merchants and streamlining checkout.

Bank of America contributes its extensive banking and payments infrastructure, while Banked provides the open-banking technology layer that connects consumers' bank accounts to merchant checkouts. The expansion reflects growing demand for account-to-account payment alternatives in e-commerce. Financial terms of the expanded partnership were not disclosed.

The move positions both companies to capitalize on the EU's open banking framework and rising merchant appetite for lower-cost payment rails.