Payrexx revolutionizes Swiss e-commerce: First instant payment solution for direct bank transfer
As the first payment provider in Switzerland, Payrexx is launching the convenient payment solution 'Pay by Bank'. With this, customers from Germany and Austria can easily shop with Swiss merchants and pay in real time from their bank account. Online shop operators, in turn, benefit from particularly low transaction costs.
Sheila
Matti
Shop online and pay directly from your own bank account: that is what the new payment method Pay by Bank is all about! This way of paying, also called Instant Payment, is especially popular in Germany: according to a study by the European Central Bank (ECB) published in 2023 on payment behaviour in Germany, 80 percent of respondents already had access to real-time transfers at that time. The trend is rising, because: according to a decision by the European Union, from 2025 all European banks must be able to offer real-time transfers.
Payrexx – the leading payment provider for SMEs from Switzerland – has recognised this trend and has therefore set itself the goal of enabling its merchants to access this promising customer segment. Together with Tink, the leading open-banking platform in Europe, Payrexx has developed the Pay by Bank payment method for its merchants. With this, customers from Germany and Austria can pay quickly and easily in Swiss online shops – directly from their bank account, without needing a credit card, a debit card or, as with TWINT, an application.
More information about the functionality of the payment method can be found in the Payrexx documentation.
Payrexx and Tink – a strong partnership
«The world is growing closer together all the time. It is therefore even more important for Swiss merchants to be able to receive transactions from abroad quickly and cheaply», says Ivan Schmid, Managing Director and CEO of Payrexx. «The Pay by Bank payment method is ideal for this: it combines an intuitive and fast payment process with maximum security and the lowest possible transaction fees.»
To ensure the reliability of the new payment method and to address as large a target group as possible within the DACH region, Payrexx has brought a leading partner in this field on board: Tink. The company, founded in 2012, is now part of Visa and pursues the mission of enabling consumers to use their own financial data conveniently in different use cases. In doing so, they specifically offer tools for fintechs and banks to build and improve financial services.
«The Pay by Bank payment method combines an intuitive and fast payment process with maximum security and the lowest possible transaction fees.»
Ivan Schmid
Founder and CEO of Payrexx
«We are pleased that Payrexx is now the first provider in Switzerland to rely on the strength of our open-banking technology with Pay by Bank. This collaboration enables us to offer merchants and customers a fast and convenient payment option that also meets high security standards – directly from their account», adds Thomas Gmelch, Director Payments Sales CE at Tink.
Which advantages does Pay by Bank offer buyers?
Paying via real-time transfer is growing in popularity in Germany as well as other DACH regions for good reason. The payment method offers users various advantages:
Secure transfer: Not only does Payrexx have the highest security standards, Tink also handles customer data with the greatest care as an ISO 27001-certified company.
Fast and straightforward: Anyone who chooses Pay by Bank as the payment method is taken directly to their bank's e-banking, where the payment only needs to be confirmed. The annoying entering of card details is therefore completely eliminated.
Overview of your own finances: As the amount is transferred immediately from the bank account to Payrexx, buyers do not have to deal with open invoices or pending amounts, but can see immediately how much they have spent and how much remains in their account.
One payment method is enough: A credit or debit card is usually associated with recurring costs; with mobile wallets you have to remember another log-in or even download an app. Buyers are spared all this with Pay by Bank.
Which advantages does Pay by Bank offer merchants?
The new payment method from Payrexx is particularly interesting for online merchants targeting an international customer base and looking for a cost-effective alternative to conventional payment methods. In concrete terms, Pay by Bank offers merchants the following advantages:
Low transaction costs: Compared with other payment methods, Pay by Bank scores with the lowest possible transaction fees. Merchants with a Payrexx subscription pay only 0.50 percent – and this for international transactions, which are normally charged at up to 3.4 percent.
Smooth checkout process: Most online purchases are abandoned during the payment process. That is why it is even more important to make it fast and easy. Pay by Bank offers both by keeping the hurdles for buyers as low as possible.
Low fraud risk: By deducting the amount to be paid from the customer's account in real time, the risk of payment defaults is minimised. The high security standards of Payrexx and Tink also ensure a minimal fraud risk.
Improved shopping experience: Paying is in itself already an annoying thing. It is therefore all the more important to increase the well-being of buyers as much as possible – for example, by placing them in the familiar and trusted environment of their own e-banking and allowing them to pay in just a few clicks.
This is Tink
Tink, A Visa Solution, is a leading open-banking platform that supports some of the world's largest financial institutions. Tink offers its customers payment, banking and lending solutions – whether through account-to-account payments, acquiring new users, improving risk decisions or developing attractive financial management tools.
Tink is a wholly owned subsidiary of Visa and was founded in Stockholm in 2012. With over 13,000 connections to financial institutions, Tink and Visa's open-banking solutions are now available in 20 markets. Tink enables its partners to offer data-driven experiences, reducing complexity for millions of consumers around the globe.
