Utrecht, June 27, 2023 – Buckaroo launches Pay by Bank in the Netherlands as the first payment provider, the new online payment method for e-commerce. The introduction of Pay by Bank is a response to the strong shifts in the payment market, creating a growing need for a cost-effective alternative that alongside iDEAL uses a fixed pricing policy. With Pay by Bank, Buckaroo offers the alternative that lets online stores shorten the checkout process by up to 25% without paying more.
Pay by Bank shortens the checkout process, resulting in a simpler, more efficient and faster online purchasing experience, and an increase in conversion for your online store. For consumers, paying via Pay by Bank means they pay in their own trusted banking environment without repeatedly having to fill in their payment details. The most-used bank logos are placed at the front of the checkout in the online store, and for subsequent payments the consumer's preferred bank is remembered.
“Pay by Bank will bring a major change to the payment market. After a successful pilot, we can officially offer this guaranteed payment method. With Pay by Bank we proactively respond to changes, enabling us to better support online stores in driving their continued growth.”
— Paul Scholten, CEO of Buckaroo
In 2019, the introduction of PSD2 permanently changed the payments landscape in the Netherlands. Thanks to European legislation, the term ‘Open Banking’ was introduced, enabling new ways to pay online.
For the launch, Buckaroo worked closely with IbanXS, an Open Banking platform connected to more than 2,000 European banks. To offer Pay by Bank, licenses authorized by De Nederlandsche Bank (DNB) are also required. In 2020 Buckaroo — as one of the few payment providers — acquired PSD2 licenses 7 and 8. This enables Buckaroo, as a Payment Initiation Service Provider (PISP), to initiate payments and, as an Account Information Services Provider (AISP), with consent, to access the consumer's payment data.
Would you like to offer Pay by Bank in the checkout? The online payment method is easy to implement via Buckaroo. For more information, visit: https://www.buckaroo.nl/oplossingen/pay-by-bank.
