Oak Furnitureland, Richer Sounds in Amex open banking initiative

Retailers Oak Furnitureland and Richer Sounds will offer their online customers the option to pay by bank transfer later this year, as part of a new open banking initiative led by American Express (Amex).

Amex announced today (23 September) that it is set to launch an open banking product before the end of 2019, which will be available to current account holders regardless of whether they are Amex members.

The ‘Pay with Bank transfer’ offering will also appear on the UK eCommerce sites of Hays Travel, JustGiving, Royal Lancaster London hotel, and Thai Airways.

The payment solution will enable merchants to receive instant payments from all major UK banks’ current account holders, while the marketed benefit for consumers is the ability to transact quickly even if they do not have their bank card to hand. Shoppers will also be able to view their bank current account balances prior to confirming payment.

Imran Gulamhuseinwala, trustee of the Open Banking Implementation Entity, said: "It's great to see American Express seizing the potential that open banking can bring to companies, helping businesses offer a new method to swiftly and securely accept online payments from their customers. 

“American Express can offer extensive payment experience, which will help to build trust in open banking and encourage adoption of an innovative new method of payment.”

Dan Edelman, vice president at American Express, added: “Today’s announcement is another way American Express is offering digital-first solutions in our effort to be an essential part of our customers’ digital lives.”

New European Union rules have been put in place to allow people to pull together their data from multiple financial institutions, and share it with third parties who they trust to gain insights and value – this is more widely known as ‘open banking’, and is a move aimed at giving people more control of their financial data.

Amex’s Pay with Bank transfer offering is expected to be rolled out to additional eCommerce sites throughout 2020.