With the UK’s Pay by Bank bank-transfer app (PbBa), transactions take place in real-time. It works through the consumer’s existing banking app and consumers can see their account balance before making the payment.
Each PbBa payment is made directly from the bank account and uses secure digital tokens, meaning no financial details are revealed. Crucially, verification is handled by the bank app. To make a payment from a smartphone or desktop, the consumer selects PbBa at checkout, which directs them to their existing banking app to complete the payment.
Supported banks include Barclays, HSBC and NatWest group.