Swedish fintech firm Zimpler has introduced a new account-to-account payment solution to enable consumers and businesses to pay using a link on the digital invoice.
Dubbed Paylink, the solution has been designed to allow customers to pay directly from their bank accounts or through online banking via Zimpler during checkout.
It eliminates the use of cards to pay for an invoice by debiting the funds directly from the customer’s bank account in real-time.
Zimpler has tested the solution with Brommapojkarna, a soccer club in Stockholm.
The trial revealed that more than 40% of 13,500 invoices issued were paid using Paylink and just 1% were paid by card.
The time required for paying invoices through Paylink was 30% faster than other processes, the test showed.
Zimpler manager of new solutions Mathias Johansson said: “Adding Paylink to invoices comes with benefits for both consumers and businesses. Being able to click on a link and make direct and secure account-to-account payments simplifies the process for customers. They tend to make a payment much sooner than using other methods.
“This is a great benefit for organisations with Paylink integration, especially SMEs which may often encounter dips in cash flow due to late invoice payments.
“Innovation is at the heart of Zimpler. Earlier this year, we became the first payment provider in Sweden to offer B2B account-to-account payments and we constantly strive to develop new products and solutions to stay competitive.”
Zimpler plans to add two new features to Paylink, such as ‘pay on due date’ and ‘capture the date and time stamp on each transaction in the near future.
Last month, Zimpler set up a new office in Sao Paulo, Brazil, which is its first office outside Europe.