JP Morgan has partnered with Mastercard to launch a Pay-by-Bank service.
The service will use open banking to let customers make payments using their bank account information.
This eliminates the need for a card payment.
Customers also don’t need to re-add their account number every time they want to pay a bill.
What does this mean?
The new service means payments can give permission for their financial data to be shared with trusted parties to pay bills directly from their account, thanks to open banking. It will be piloted with a few merchants before being rolled out next year.