American Express’ Pay with Bank Transfer unveils first utilities sector partner

American Express’ Open Banking solution, ‘Pay with Bank Transfer’ (PwBT), has formed its first partnership with a utilities company, OVO Energy.

Through the partnership, OVO Energy’s four million customers will be able to pay their bills using PwBT, whether or not they are an American Express card member.

PwBT allows consumers to pay for products and services directly from their bank account, removing the need to use a debit or credit card.

As such, customers of OVO will be able to pay their energy bills without entering card details online, thereby reducing the likelihood of human error, or having to make additional authentication checks, which redirect customers to their banking app, typically.

The payment option will initially be available to OVO’s pay monthly customers and to those purchasing renewable products.

American Express’ Holly Coventry

Holly Coventry, vice president, international Open Banking payments at American Express, said: “Pay with Bank transfer lends itself very well to bill payments as it’s seamless, secure and easy to use.

“We know that missed and unallocated payments cause problems for both customers and utilities providers, and we hope that this partnership helps to address these pain points, giving customers greater visibility and control when paying their utility bills.”

Pay with Bank Transfer, powered by American Express, has been signing new merchant partners recently, including bus operator Go Ahead, and football clubs Fulham FC, Watford FC and Stoke City FC, where it is used for online purchases from the clubs’ shops.

“We want to ensure that our customers have access to a range of payment options. We’re delighted to be working with American Express to bring these benefits to our growing customer base,” added Mark Robson, vice president, commercial development at OVO.

In May last year, payment orchestration provider BR-DGE partnered with American Express to offer an Open Banking payment solution and “enhance” merchants’ Open Banking capabilities.

American Express enables real-time Open Banking payments for BR-DGE’s work with travel and retail brands via Pay with Bank Transfer.