Following this announcement, Visa’s A2A is expected to provide clients with improved choice, control, and protection over the manner in which they make pay by bank transfers. This process is set to make the transactions, including the bill and subscription payments, safer and more efficient.
In addition, Visa A2A will introduce an easy and intuitive experience for clients, enabling them to manage their bills and subscriptions through their bank application. This will also offer client protection to bank transfer payments, including clear guidelines for consumers, businesses and banks on rights, as well as responsibilities should things go wrong. The process is designed to provide a similar level of security typically associated with card payments, aiming to allow users to recover their funds if there were any errors.
According to the official press release, Visa A2A will also benefit businesses, as near real-time settlements made through Pay.UK’s Faster Payment System will provide companies with improved visibility over payments and make cash flow management simpler. At the same time, businesses can take advantage of the digital nature of Visa A2A, including notifications in the case of a consumer changing or canceling payment permissions, while providing them with the ability to include more transaction data for reconciliation as well.
Furthermore, Visa A2A is based on an open model that will enable banks and other industry partners to join and extend Open Banking-enabled payments to businesses. With the use of a commercial model designed to work for all participants in the ecosystem and to boost the UK fintech community, Visa A2A is set to optimise the manner in which FIs unlock improved Open Banking capabilities in the UK.
The company also aims to expand Visa A2A, including in its benefits ecommerce payments in the UK with a phased approach. This strategy will provide clients with the possibility to choose to use pay by bank across multiple use cases, as well as the opportunity to benefit from improved levels of protection.
Visa A2A for ecommerce is expected to offer a secure and quick way to pay directly through bank accounts, as clients will be able to authorise this payment method once, then simply choose pay by bank at checkout for a one-click purchase experience that is fast and efficient.
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