PayJunction, a leading developer of payment processing technology, has announced integration with Plaid, a network that provides a digital financial ecosystem to simplify bank payments.
The purpose of this cooperation is to provide B2B and B2C companies with the opportunity to offer customers an easy way to pay for goods and services by direct bank transfer.
PayJunction directs transactions through low-cost ACH processing platforms. This solution provides savings compared to payments with credit and debit cards.
Payment by bank means is currently at its peak. In 2021, more than 29 billion ACH network payments were made, amounting to about $73 trillion.
Software companies that cooperate with PayJunction simplify the registration and authorization of information about customers’ bank accounts and reduce the number of ACH refusals.
Authorization instantly authenticates the account for ACH payments, eliminating manual entry. The identification procedure verifies ownership of a bank account to strengthen protection against fraud. Funds are also checked in real-time to reduce the risk of their shortage.
PayJunction’s data-driven approach to continuous innovation helps simplify the acceptance of omnichannel payments. Randy Modos, president of PayJunction stated that ACH is a proven and cost-effective payment method. He also noted that the partnership with Plaid allows customers to set up secure bank payments faster and easier.
Thanks to the partnership, the Plaid connection technology is available to enterprises using a ready-made solution for virtual terminals and PayJunction gateways. In addition, software manufacturers can integrate advanced functions into their systems using a simple plugin in a simplified procedure.
As we have reported earlier, First UAE Fintech to Launch India UPI Payment Integration.