TIDMPCIP
PCI-PAL PLC
22 September 2022
RNS Reach
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
PCI Pal launches open banking payments for contact centres:
The first in a series of new payment products
The new digitally-native payment product, powered by open
banking technology,
offers consumers choice to instantly Pay By Bank, authorising
payments
via their mobile banking app or online banking portal.
PCI-Pal (AIM: PCIP), the global cloud provider of secure payment
solutions for business communications, announces the launch of its
Pay By Bank open banking solution for contact centres. It is the
first in a series of new agent-assisted, digital payment products
that enable merchants to minimise the cost of transactions and
provide instant refunds - all while reducing fraud risk and
chargeback costs. The first iteration of the service gives
consumers the option to pay from any bank in the UK, with further
global regions to be launched shortly.
With analysts IDC predicting that almost three quarters of
digital consumer payments globally will be conducted via platforms
owned by non-financial institutions by 2030*, PCI Pal's new Pay by
Bank offering makes highly secure omnichannel, bank to bank
payments possible across all contact centre channels, including
voice (phone), chat, and social. It eliminates card and interchange
fees, while fraud risk and chargebacks will be reduced as consumers
directly authenticate with their bank, creating further cost
savings for merchants while improving the payment experience for
consumers.
Pay by Bank from PCI Pal uses bank-grade security from our
technology partner TrueLayer and is seamlessly integrated to PCI
Pal's existing agent-assisted contact centre solutions. Agents
benefit from being able to follow the customer payment journey in
real-time, without being exposed to sensitive data yet aiding where
needed, to maintain a great customer and agent experience. As a
result, PCI Pal's integrated partners will have immediate and
straightforward access to these new capabilities, allowing them to
benefit from an improved value proposition to their own
customers.
A key differentiator compared to other solutions available today
is our technology integration with Truelayer, enabling payments
from any bank rather than a minimal amount of named institutions
via a third party application. Pay by Bank from PCI Pal allows
merchants to achieve the true benefits of open banking technology
within their contact centre.
James Barham, Chief Executive Officer at PCI Pal, said: "In the
last five years PCI Pal has executed against its ambitious growth
plans to be the global leader in cloud-based secure payment
solutions for the business communications market. Additionally,
during that time, PCI Pal has also built the most extensive partner
eco-system in the market, working with many of the world's leading
business communications vendors and 'BPOs', leveraging both its
globally-available cloud technology and partner network to access
the breadth of the data security market in contact centres
worldwide. With this first new payment-focused product, we are
taking the first steps in the Company's expanded growth plans,
broadening our product focus, empowering merchants with more
payment capabilities to drive revenue and reduce costs, whilst
capitalising on our core strategic foundations across technology
and the partner eco-system we have built to date."
Mufti Monim, Chief Technology Officer at PCI Pal, added: " This
Pay by Bank capability, powered by open banking technology, is the
first of a new series of product innovations from PCI Pal which
will provide enhanced digital payment journeys for merchants. This
innovation makes payments - and instant refunds - quicker, easier,
and highly secure. The omnichannel experience means customers
simply choose how they wish to pay by clicking a link shared by the
merchant via live chat, push notification, SMS, or email. They
don't have to key in their card details or trust a website to store
them; they instead select their bank from the list and securely
approve the purchase with a fingerprint or face ID or other
authentication method provided by their bank.
"For merchants this Pay by Bank capability can increase revenue
by improving conversion rates and provide cost savings, as payment
service provider fees are replaced by less costly transaction fees.
Additionally, payments are typically credited instantly via Faster
Payments.
"PCI Pal has solved the PCI DSS compliance problem: now we're
investing in and further developing our products to create new
revenue generation and cost-benefitting solutions for contact
centres as businesses strive to commercialise further customer
interactions and enhance their payment experience."
'BPO' - Business Process Outsourcers - typically large
outsourced contact centres with a global footprint
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive
Officer
William Good - Chief Financial
Officer
finnCap (Nominated Adviser and
Broker) +44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate
Finance)
Richard Chambers (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome +44 (0) 797 122 1972
P CIPAL@walbrookpr.com
Reference:
* IDC predicts that 7 4% of digital consumer payments globally
will be conducted via platforms owned by nonfinancial institutions
by 2030:
https://www.paymentscardsandmobile.com/74-of-payments-to-be-handled-by-non-traditional-financial-providers/#::text=According%20to%20a%20new%20study,
banks%2C%20insurers%20and%20credit%20unions .
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS")
solutions that empower companies to take payments from their
customers securely, adhere to strict industry governance, and
remove their business from the significant risks posed by
non-compliance and data loss. Our products secure payments and data
in any business communications environment including voice, chat,
social, email, and contact centre. We are integrated to, and resold
by, some of the worlds' leading business communications vendors, as
well as major payment service providers.
The entirety of our product-base is available from our global
cloud platform hosted in Amazon Web Services ("AWS"), with regional
instances across EMEA, North America, and ANZ.
For more information visit www.pcipal.com or follow the team on
Linkedin: https://www.linkedin.com/company/pci-pal/
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September 22, 2022 02:01 ET (06:01 GMT)
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