Pay with Bank transfer, powered by American Express, has announced its first utilities sector partnership. Amex is teaming up with energy company OVO, one of the UK’s largest energy suppliers with four million customers.

Pay with Bank transfer is an online debit product. It allows consumers to pay for products and services directly from their bank account. The facility avoids the need to use a debit or credit card, whether or not they are an American Express Cardmember.

The new partnership means OVO’s customers can now pay their energy bills seamlessly from their bank accounts. They avoid having to enter card details online or complete additional authentication checks. Pay with Bank transfer is initially available to all OVO pay monthly customers and those purchasing renewable products, who currently make debit payments by card, cheque or faster payments.

According to American Express, using Pay with Bank transfer to make online payments reduces errors. The customer does not have to enter any card details or reference numbers. Customers are redirected to their bank’s webpage or app to authenticate the payment as they normally would for online banking. The payment itself is protected by bank level security and is made in just a few clicks. Customers also get visibility of their bank account before payment is processed, giving them greater control.

Seamless, secure, easy to use

Holly Coventry, Vice President, International Open Banking Payments at American Express, said: “We’re delighted to announce OVO as our first partner in the utilities sector. 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. We hope that this partnership helps to address these pain points, giving customers greater visibility and control when paying their utility bills.”

Mark Robson, VP Commercial Development, OVO, said: “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.”

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By GlobalData