Pay by bank

Pay by bank is an account-to-account payment: the customer approves a transfer straight from their bank account to yours, using open-banking rails rather than a card.

How it works

• The payer picks their bank and confirms the payment inside their own banking app.
• Money moves bank-to-bank, often over instant rails like Faster Payments.
• There is no card number to store, no interchange, and no card network taking a slice.

Contrast this with a card payment, where the funds hop through an acquirer, a scheme, and an issuer before they reach you — each adding cost and a point of failure.

Why it matters

For a business collecting recurring or high-value payments, card fees are a standing tax and chargebacks are a standing risk. Pay by bank strips both out: the payer authenticates in their bank, so payments rarely fail or get reversed, and settlement is usually same-day. On thin-margin volume, keeping the interchange is real money.

How Fynex does it

Fynex builds on open banking to collect and route payments over the cheapest available rail rather than defaulting to cards. Every payment posts back to your books automatically, and payouts leave on schedule or by rule. See payouts.