SAN FRANCISCO—PayJunction, a developer of payment processing technology, reported it is integrating with Plaid, a consumer-permissioned network powering the digital financial ecosystem, in an effort to simplify bank payments.
According to the company, the partnership will enable its customers and partners to deliver a “better pay-by-bank experience.”
Integrating Plaid’s secure account-to-account bank connectivity technology with PayJunction’s payment gateway will “allow B2B and B2C businesses to easily extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing,” the company said, according to a Crowdfund Insider report.
PayJunction routes the transactions “via the low-cost ACH processing rails, which can result in significant savings versus payments made with credit and debit cards,” the report added.
Crowdfund Insider noted paying by bank is on the upswing. It cited Nacha data that show more than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion.
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