Technology is transforming even as consumer expectations for seamless payments rise. The latest twist on ACH payments — which account for trillions of dollars of volume each year and growing — is the application of open banking technology that makes the process even simpler and more secure. Launched by J.P. Morgan Payments and Mastercard, Pay-by-Bank is an ACH payment that uses open banking, which enables consumers to permit their financial data to be shared seamlessly between trusted parties to let them pay bills directly from their bank account with greater security.
