Visa has introduced its new ‘pay by bank’ solution, Visa A2A, in the UK, designed to make bank transfer payments “safer and smarter”. 

Visa A2A aims to provide a more secure method for managing bill and subscription payments through consumers’ banking applications. 

It introduces Visa’s consumer protection guidelines for bank transfer transactions, ensuring users can reclaim funds in the event of transaction errors. 

The service facilitates businesses with “near real-time” transaction settlements and providing enhanced data for payment reconciliation.  

Additionally, businesses will receive notifications regarding changes or cancellations in payment authorisations. 

The open model of Visa A2A seeks to encourage collaboration among banks and industry partners, thereby promoting the expansion of open banking-enabled payment solutions for businesses.  

Following the initial rollout focused on bills and subscriptions, Visa plans to incrementally introduce A2A for ecommerce payments in the UK.  

The upcoming ecommerce solution will allow customers to authorise payments directly from their bank accounts, streamlining the checkout process with a one-click purchase experience. 

Visa UK and Ireland managing director Mandy Lamb said: “The UK has spearheaded innovation in financial services for many years, and in light of increasing fraud and international competition, we must continue to lead the way. 

“We are proud to be working with our partners to deliver a state-of-the-art pay by bank experience, coupled with Visa’s best-in-class consumer protections. 

“Visa A2A is a game-changer – it means for the first time UK consumers and businesses using pay by bank will benefit from a similar level of protection typically associated with card payments.” 

Last month, the payments firm announced the availability of Visa AR Manager in the US, a solution aimed at automating the virtual card transaction process to support and preserve existing card transaction volumes.