US-based fintech PayJunction has integrated with Plaid, a consumer-permissioned network that specialises in account-to-account (A2A) bank connectivity technology.
The payment processing firm said in a statement that the deal would allow B2B and B2C businesses to extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing.
PayJunction routes transactions via the low-cost ACH processing rails, which the company says can result in significant savings versus payments made with credit and debit cards.
Paying by bank is also on the upswing in the United States. According to Nacha, a non-profit that manages the development, administration, and governance of the ACH Network, which is the backbone for the electronic movement of money and data in the US, more than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion.
As a result of the partnership with Plaid businesses will be able to streamline the enrollment and authorisation of customer bank account information and reduce ACH declines by gaining access to Plaid’s Account Verification and Payments solution.
“PayJunction’s data-driven focus on continual innovation helps our customers simplify omnichannel payment acce.ptance,” said Randy Modos, president, PayJunction.
“ACH is a proven, cost-effective payment method, and this partnership with Plaid makes it faster and easier for customers to set up secure bank payments.”
Tamara Romanek, head of partnership, Plaid added, “The combination of Plaid’s bank connectivity technology and PayJunction’s gateway can save businesses significant time and money, while giving people more flexibility in how they pay for goods and services using funds from their bank account.”
Through this partnership, Plaid’s connectivity technology will be made available to businesses that use PayJunction’s turnkey Virtual Terminal and gateway solution. Additionally, businesses and software companies can integrate these advanced features with their software via a simple plug-in using PayJunction’s API and developer tools