Payrexx revolutionizes Swiss e-commerce: First instant payment solution for direct bank transfer
Payrexx is the first payment provider in Switzerland to launch the practical payment solution "Pay by Bank". This allows customers from Germany and Austria to conveniently shop at Swiss merchants and pay in real time from their bank account. Online store operators, in turn, benefit from particularly low transaction costs.
Shop online and pay directly from your own bank account: This is what the new Pay by Bank payment method is all about! This payment method, also known as instant payment, is particularly popular in Germany: according to a study published by the European Central Bank (ECB) on payment behavior in Germany in 2023, 80% of respondents already had access to real-time transfers. And the trend is rising: According to a decision by the European Union, all European banks must be able to offer real-time transfers from 2025.
Payrexx - the leading payment provider for SMEs from Switzerland - has recognized this trend and has therefore set itself the goal of giving its merchants access to this promising customer segment. Together with Tinkthe leading open banking platform in Europe, Payrexx has developed the Pay by Bank payment method for its merchants. This enables customers from Germany and Austria to pay quickly and easily in Swiss online stores - directly from their bank account, without the need for a credit or debit card or, as with TWINT, an application.
You can find more information on the functionality of the payment method in the Payrexx documentation.
Payrexx and Tink - a strong partnership
"The world is growing ever closer together. This makes it 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 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 the largest possible target group within the DACH region, Payrexx has brought a leading partner in this field on board: Tink. Founded in 2012, the company is now part of Visa and pursues the mission of enabling consumers to conveniently use their own financial data in various use cases. As part of this, they offer targeted tools for fintechs and banks to build and improve financial services.
"We are delighted 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 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?
Payment via real-time bank transfer is enjoying increasing popularity in Germany and other DACH regions for good reason. The payment method offers users various advantages:
Secure bank transfer: Payrexx is not the only company with highest security standardsAs an ISO 27001-certified company, Tink also handles customer data with the utmost care.
Fast and uncomplicated: If you choose Pay by Bank as your payment method, you will be forwarded directly to your bank's e-banking, where you only need to confirm the payment. This completely eliminates the annoying task of typing in card details.
Overview of your own finances: Since the amount is immediately transferred 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 left in their account.
One means of payment 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 can avoid all of this with Pay by Bank.
What advantages does Pay by Bank offer merchants?
The new payment method from Payrexx is particularly interesting for online merchants who are targeting an international customer base and are looking for a cost-effective alternative to conventional payment methods. Specifically, Pay by Bank offers merchants the following advantages:
Low transaction costs: Compared to other payment methods, Pay by Bank boasts the lowest possible transaction fees. Merchants with a Payrexx subscription pay just 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's why it's all the more important to make it quick and easy. Pay by Bank offers both by keeping the hurdles for shoppers as low as possible.
Low risk of fraud: By deducting the amount to be paid from the customer's account in real time, the risk of payment defaults is minimized. The high security standards of Payrexx and Tink also minimize the risk of fraud.
Improved shopping experience: Paying is already an annoying thing in itself. It is therefore all the more important to make shoppers feel as comfortable as possible - for example, by allowing them to pay in the familiar and trusted environment of their own e-banking system in just a few clicks.
This is Tink
TinkA Visa Solution, is a leading open banking platform that powers some of the world's largest financial institutions. Tink offers its clients payment, banking and credit solutions - whether through account-to-account payments, attracting 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 empowers its partners to deliver data-driven experiences, reducing complexity for millions of consumers around the globe.
