Payrexx revolutionizes 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 Comerciantes and pay in real time from their bank account. Online shop operators, in turn, benefit from particularly low transaction costs.
Sheila
Matti
Online shopping and paying directly from your own bank account: that is what lies behind the new payment method Pay by Bank! This way of paying, also called 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 percent of respondents already had access to real-time transfers at the time. The trend is rising, because: According to a decision of 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 how the payment method works 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 at low cost,” 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 broad 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 follows the mission of enabling consumers to conveniently use their own financial data in different use cases. In this context, 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 becoming increasingly popular in Germany and other DACH regions for good reason. The payment method offers users several advantages:
Secure transfer: Not only does Payrexx meet the highest security standards, Tink also handles customer data with the greatest possible care as an ISO 27001-certified company.
Fast and straightforward: Anyone who chooses Pay by Bank as the payment method is redirected 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 personal 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 see immediately 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, and with mobile wallets you have to remember another login or even download an app. Buyers save themselves all of 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 traditional 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 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. It is therefore all the more important to make it quick and easy. Pay by Bank offers both by keeping barriers for buyers as low as possible.
Low fraud risk: By debiting the amount due 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 buying experience: Paying is already an annoying matter in itself. It is therefore all the more important to increase buyers' well-being as much as possible – for example, by allowing them to remain in the familiar and trusted environment of their own e-banking and pay in just a few clicks.
This is Tink
Tink, A Visa Solution, is a leading open-banking platform supporting 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 more than 13,000 connections to financial institutions, Tink and Visa's open-banking solutions are now available in 20 markets. Tink empowers its partners to offer data-driven experiences, reducing complexity for millions of consumers around the globe.
