Link Money teams up with Bold Commerce to enable Open Banking payments

US-based Open Banking platform Link Financial Technologies has formed a partnership with Bold Commerce, a checkout company for omni-channel retailers and direct-to-consumer brands.

Through the new partnership, Bold Commerce’s brands and retailers will be able to offer Link Money’s Pay by Bank solution in the US, thereby reducing payment processing fees, credit card fraud and churn.

Brands that use ‘Bold Checkout’ can offer Link Money’s Pay by Bank as a payment option to customers across any channel.

“Every shopper has their preferred payment method among the wide range of options available to them – from buy now, pay later to digital wallets, credit cards, and account-to-account payments – and they won’t hesitate to leave a product behind if their preferred method isn’t available,” said Peter Karpas, chief executive officer of Bold Commerce.

“It’s why we’re hyper focused on diversifying the payment options we offer to brands, so they can personalise checkout for individual shoppers down to payment.”

Karpas added: “Adding Link Money’s Pay by Bank solution to our repertoire rounds out these offerings.”

Shaun Vanderkaap, Link Money vice president of strategy, said: “As one of the first to enable their merchants to accept Open Banking payments in the US via Link Money, Bold Commerce is accelerating its leadership in the ecommerce space.

“As merchants continue to face increasing competition, Bold Commerce users will be able to reduce their payment costs by as much as 70%.”

Last month, the Consumer Financial Protection Bureau in the US outlined its proposal for a Personal Financial Data Rights rule.

Under the proposed Data Rights rule, individuals in the US would be able to share data about their use of checking and prepaid accounts, credit cards, and digital wallets, and to access competing products and services, without their data being collected, used, or retained to “serve commercial interests over their own”.