FinGrid.io’s Pay-by-bank payments solution is helping US merchants cut down on payment processing fees by more than 70%

NEW YORK–(BUSINESS WIRE)–#fingrid_io–US fintech company FinGrid.io is enabling US merchants to accept secure, low-cost, and direct bank payments from consumers during the point of sale. With FinGrid.io’s Pay-by-bank solution, merchants in the US are saving up to 70%-80% on payment transaction fees while effectively reducing more than 98% of fraudulent transactions.

FinGrid.io’s Pay-by-bank solution enables merchants to integrate bank-to-bank payments directly into their existing checkout processes with APIs and prebuilt SDKs for Web, iOS, and Android apps. Merchants within the retail, transport, hospitality, and finance industries are leveraging FinGrid.io’s Pay-by-bank payment solution built on Open Banking. The company allows merchants to accept bank-to-bank payments for online and in-person purchases by letting consumers instantly connect, verify, and initiate a bank payment in less than 60 seconds.

“People’s addiction to credit card rewards indirectly hurts the merchant’s bottom line due to high interchange fees. Our Pay-by-bank solution not only helps merchants cut down on payment processing fees but enables them to create custom incentives and rewards to increase consumer retention in the process,” said Pratt Khot, Founder & CEO of FinGrid.io. “Our technology helps merchants drive more business while reducing payment processing fees and fraud. It’s a win-win for merchants and consumers.”

FinGrid.io’s Pay-by-bank payment solution significantly reduces fraudulent transactions and fail rates by leveraging a proprietary AI model combined with instant verification of bank accounts before payments are initiated from its coverage of roughly 95% of all financial banking institutions in the U.S.

“We have reached over a thousand merchant partnerships in the US, including direct-to-consumer online stores, brick-and-mortar, and subscription-based businesses, enabling their consumers to pay by bank for online and in-person checkouts. We have several thousand more merchants in the pipeline via enterprise partnerships, nearing a billion dollars in committed payment volume,” said Pratt Khot, Founder & CEO of FinGrid.io. “We have a strong foundation built to take on a serious chunk of the total addressable market (TAM) in the US.”

Interested in joining thousands of online and brick-and-mortar stores in the US that are using FinGrid.io’s Pay-by-bank payment solution to accept secure payments at lower costs and faster speeds powered by Open Banking? Contact our sales department at sales@fingrid.io.

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