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LONDON, December 5, 2023 /PRNewswire/ -- ISX Financial EU Plc, the developer of PaidBy® www.paidbybank.com, the specialized open banking payments platform, has partnered with Wix.com Ltd (NASDAQ: WIX) , a leading global SaaS platform for creating, managing and growing online presence. Through this partnership, UK-based Wix merchants have access to PaidBy®, the open banking payments service, and their customers can pay directly from their current banking app or web portal.
PaidBy®'s secure and easy banking payment process will help improve merchant payment conversions by offering a seamless experience, allowing customers to make payments in just three steps, all from the trusted environment of their banking app or portal. Web. PaidBy® starts with an automated online onboarding system, allowing UK merchants to complete their onboarding process and get to know their business in minutes. This allows merchants to spend less time on onboarding and more time on transactions.
PaidBy® uses the UK's open banking network, which connects the UK's largest banks, allowing them to move money between accounts in seconds. As cash flow is key, Wix merchants in the UK will have access to their funds on the same day. By eliminating the need for card systems and networks, PaidBy® offers a seamless experience for merchants and their customers.
The PaidBy® payment infrastructure also enables higher conversion rates with fewer chargebacks in a safer environment for merchants and their customers.
Chairman and CEO Nikogiannis Karantzis said: "ISX Financial is delighted to partner with Wix on our comprehensive open banking orchestration service that competes with online card scheme processing. This massive application of Open Banking along with The merchant based on ISX issued sort code accounts and a full API based notification service is unique, innovative and will bring real benefits to both customers and merchants, and offers the ease and flexibility that Wix is known for.
"We are constantly looking for new ways to support our merchants to provide them with innovative tools for business growth. This allows them to expand their online presence and provide exceptional service to their customers," said Volodymyr Tsukur and Amit Sagiv, co-heads of Wix Payments. “We look forward to working with PaidBy to bring seamless open banking solutions to our UK merchants.”
Merchants will benefit from same-day payment into their ISX-issued account 365 days a year, helping them deliver products and services to their customers faster.”
Learn more about PaidBy® for Wix Merchants here: www.paidbybank.com
About ISX Financial:
ISX Financial EU PLC is a 'banking technology' company that leverages its own technology to provide financial services to merchants across the EEA and the UK. The company's combined infrastructure and payments stack provide a complete end-to-end payment processing, foreign exchange, remittance and transactional banking capability. ISX Financial's multi-currency IBAN accounts, together with PaidBy® instant open banking, provide merchants with a personalized payment solution to reach any UK or EEA bank account holder.
CONTACT: Jamie Ktenas, media@isxfinancial.com, 35722 0157 40
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