Payrexx revolutionises Swiss e-commerce: First instant payment solution for direct bank transfer
As the first payment provider in Switzerland, Payrexx is launching the practical payment solution "Pay by Bank". With this, customers from Germany and Austria can conveniently shop with Swiss Comerciante and pay in real-time directly from their bank account. Online store operators, in turn, benefit from particularly low transaction costs.
Sheila
Matti
Shop online and pay directly from your own bank account: that is what lies behind the new payment method Pay by Bank! This type of payment, also known as Instant Payment, is particularly popular in Germany: according to a study by the European Central Bank (ECB) published in 2023 on payment behaviour in Germany, 80 per cent of respondents already had access to instant bank transfers at that time. And the trend is rising, because: according to a decision by the European Union, from 2025 all European banks must be able to offer instant bank transfers.
Payrexx – the leading payment provider for SMEs from Switzerland – has recognised this trend and 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 app.
More information on the functionality of the payment method can be found in the Payrexx documentation.
Payrexx and Tink – a strong partnership
“The world is growing ever closer together. It is therefore all the 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 ideally suited 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. As part of this, it provides targeted 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 relying on the strength of our open banking technology as the first provider in Switzerland 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.
What advantages does Pay by Bank offer buyers?
Paying via instant bank transfer is growing in popularity in Germany and 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 treats customer data with the greatest possible care as an ISO 27001-certified company.
Fast and straightforward: Those who choose Pay by Bank as a payment method are 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: Since 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 immediately see how much they have spent and how much is still left 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 login or even download an app. Buyers save all of this with Pay by Bank.
What advantages does Pay by Bank offer merchants?
Payrexx’s new payment method is particularly interesting for online merchants targeting an international customer base and looking for a cost-effective alternative to conventional payment methods. Specifically, Pay by Bank offers merchants the following benefits:
Low transaction costs: Compared with other payment methods, Pay by Bank stands out with the lowest possible transaction fees. Merchants with a Payrexx subscription pay only 0.50 per cent – and this for international transactions, which are normally charged at up to 3.4 per cent.
Smooth checkout process: Most online purchases are abandoned during the payment process. That is why it is all the more important to make this quick and easy. Pay by Bank offers both by keeping the barriers 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 minimal fraud risk.
Improved shopping experience: Paying is in itself already an annoying matter. It is therefore all the more important to increase the well-being of buyers as much as possible – for example by allowing them to be in the familiar and trusted environment of their own e-banking and 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 available in 20 markets today. Tink enables its partners to offer data-driven experiences, reducing complexity for millions of consumers around the globe.
