Pay By Bank is a new payment method where you safely transfer money to us directly from your bank account. Open Banking is a safe way to pay, and is regulated by the Financial Conduct Authority (FCA).
London Mutual Credit Union partners with Ecospend to offer this service, and both firms are FCA authorised.
How it Works
- With pay by bank, you don't have to key in your card details manually, or trust a website to store them for you. Instead, the payment is arranged directly between your bank and the seller.
- When using pay by bank, you'll need to select your bank from a list of those offering the service.
- This will then open up your online banking or mobile banking app to approve the payment, you'll usually have to log in as normal before doing this, using your face ID or fingerprint.
- The login process stays between you and your bank -- nothing is shared with the seller other than the amount you wish to pay and the payment reference, both of which are encrypted.
Who Else Uses Pay by Bank?
Pay by Bank is a relatively new payment method that is enabled by Open Banking technology. So if it all feels a bit new, you're not alone!
In the coming months, more and more banks and online retailers are likely to offer it as a safer and more convenient way to pay online. Recently, ITV announced it will be offering it, and others are expected to follow. So it should quickly become more familiar, just as contactless and chip & PIN have become in the past decade.