Pay by Bank is a safe, easy way for clients to make a payment to your law firm. Using account to account payments, Pay by Bank allows clients to authorise the transfer of funds directly from their online banking app, so they can transfer funds securely without the need to enter bank or card details.
Open Banking requires that the UK’s largest banks offer the ability to share data on transactions with third party providers and allow these third party providers to initiate payments on behalf of customers. The main focus of this initiative is to allow consumers more access and control over their financial data, including making safe payments online.
Pay by Bank uses account to account payments to allow clients to authorise the transfer of funds directly from their bank account to yours. Once the payment has been made, the funds will be available in your bank account in under 2 hours, but in most cases it will arrive instantly.
Yes! All UK banks and building societies are required to deliver open banking functionality and there is currently 98% coverage.
It is possible to send an individual payment of up to £1,000,000 using Pay by Bank, however banks and building societies set their own limits meaning the actual transaction limit may vary.