Open Banking for E-commerce: Pay by Bank (2026)

How e-commerce merchants use open banking pay-by-bank at checkout to cut fees and chargebacks — with the best PIS-capable aggregators compared.

E-commerce merchants use open banking "pay by bank" to let shoppers pay directly from their bank account at checkout, cutting card fees and eliminating card chargebacks. The core capability is payment initiation (PIS); account information (AIS) is optional for refunds-to-source or loyalty. The best fit is a PIS-capable aggregator with strong bank coverage and good conversion in your selling markets.

Best open banking aggregators for e-commerce (pay by bank)

For online retail the question is mostly about checkout: account-to-account payments via PIS reduce cost and fraud but depend on bank coverage and a smooth redirect flow. The providers below are ranked on payment initiation capability and reach.

Best overall for e-commerce (pay by bank): Plaid — it covers the capabilities this use case needs (Payments (PIS)) with 59 markets and 9,706 tracked institutions. Validate your specific target banks before committing.

#AggregatorHQMarketsBanks trackedPayments (PIS)Regulated
1PlaidPlaid599,706✓FCA / PSD2
2GoCardlessGoCardless542,228✓FCA
3YAXIYAXI401,921✓PSD2
4VoltVolt501,668✓FCA
5Salt EdgeSalt Edge731,586✓FCA / PSD2
6TinkTink46511✓PSD2
7YapilyYapily47445✓FCA / PSD2
8Powens (formerly Budget Insight)Powens (formerly Budget Insight)44116✓—

Ranked by fit for e-commerce (pay by bank) (capabilities this use case needs), then by bank coverage. Coverage is from the verified Open Banking Tracker bank index; capabilities and licences are researched from each vendor’s primary sources. Validate target banks and product availability in each provider’s sandbox.

E-commerce (pay by bank) open banking FAQ

Pay by bank lets a shopper pay directly from their bank account at checkout using open banking payment initiation (PIS), authorising the payment in their banking app instead of entering card details. For merchants it is cheaper than cards and has no card chargebacks; the trade-off is shopper familiarity and a redirect step.

Choose a PIS-capable aggregator with strong bank coverage and a high-converting payment flow in your markets. TrueLayer, Tink, Yapily, Volt, and GoCardless all support payment initiation across the UK/EU; the right one depends on your markets, conversion, and settlement needs. Test the checkout flow and target-bank support in each provider’s sandbox.

Yes — because the shopper authorises a direct bank transfer rather than a card payment, there is no card-scheme chargeback mechanism, which removes a major fraud and dispute cost. Refunds and disputes are handled differently, so define your refund-to-source process when you enable it.

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