Radial Introduces Pay by Bank Payment Solution Powered by Link Money 

By Yvan Gilliard
Senior Vice President, Payment Solutions & Omnichannel, Radial

The U.S. card industry is set to lose $165 billion to fraud over the next decade and one out of three eCommerce customers reports they have experienced fraud in the last six months. Retailers and customers are frustrated, to say the least. It’s a satisfying moment to help solve an industry problem, which is why I’m excited to announce that Radial is partnering with Link Money to introduce a cutting-edge payment solution that offers a more efficient, secure, and cost-effective payment method. Radial’s open banking Pay by Bank facilitates direct fund transfers from consumers’ bank accounts to retailers, avoiding the fraud risks of credit card and wallet transactions. It leverages the trust consumers already have in their banking platforms and makes the online shopping experience more convenient.  

Pay by Bank saves retailers 70-80% of their transaction fees and eliminates payment limits and expiration dates, which will help increase conversion rates. In Radial’s 25 plus years of experience in payment processing and fraud management, we’ve continually focused on bringing innovation to the eCommerce industry. Radial supports every major payment method and open banking is emerging as a transformative movement in the industry. We know customers want payment method choices, and we believe retailers and consumers will embrace Pay by Bank for the ease, security, and convenience it provides.  

So, how does Radial Pay by Bank work? Pay by Bank optimizes checkout by using Link Money’s proprietary machine learning/AI model to securely integrate into a consumer’s banking app. When a customer checks out, it prompts them to log into their banking account, where after the bank authorizes their credentials, the customer approves the transaction, and the funds are immediately transferred, all within seconds. If an approved transaction fails, Pay by Bank guarantees payment to retailers.  

We believe consumers will find this option optimal for eCommerce transactions. There is zero risk of a card credentials being stolen and unlike other pay by bank options, they do not need to enter their bank account number. Pay by Bank does not store their credentials, giving customers greater peace of mind. It uses bank-grade security including biometrics to screen every transaction; suspicious or fraudulent transactions are blocked. It takes a lot of the risk of fraud out of the equation.  

Consumers never need to worry about expiration dates and enjoy higher transaction limits than the average card – making online checkout more convenient and conducive to larger purchases. 

Open banking is not new to the financial payments industry – in fact it uses one of the oldest transaction methods, the wire transfer. Today, open banking protocols and technology evolution has enabled companies like Link Money to build a layer on top of it by using machine learning and AI in new, more secure ways. Link Money, however, has taken the open banking concept and made it extremely user friendly. We know by research and experience that the less friction involved in the checkout process, the higher the conversion rates. It’s a win-win for all.  

Open banking has been adopted by consumers as status quo in other countries and continues to grow in the United States. We believe eCommerce retailers will embrace Radial Pay by Bank for the myriad of benefits it affords their businesses and their customers. Radial Pay by Bank is part of Radial Payment Solution’s white glove managed services, which provides comprehensive payments, fraud, and chargeback solutions to eCommerce businesses.  

Getting started with Radial Pay by Bank is easy. If you’re an existing Radial Payments Solutions customer, connect with your account executive to learn how to add this to your portfolio of payment solutions. If you’re new, we’d love to talk with you.  

Radial is one of the industry’s largest 3PL providers that offers integrated payment, fraud prevention, and omnichannel solutions to mid-market and enterprise brands. We reject the one-size-fits-all approach, and tailor our services and solutions to align strategically with your brand’s unique needs. It’s our joy to help you keep your customer experience promises from click to delivery.  

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