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  • Regulatory action creates more competition in financial services

  • PSD2 in Europe

  • Open Banking in the United Kingdom

  • Request to Pay (RTP) developments globally, e.g. UPI in India

  • Higher compliance costs, lower revenues for banks

  • Merchants seek frictionless payments, low cost, maximum buying power at point of purchase and reduced fraud and chargebacks

  • Full alignment with ISO20022



  • Small strategic working group to publish V1.0 of the standard

  • Rapidly scalable across large number of banks and merchants globally


Customer Journey

  1. User selects ‘Pay by Bank’ as the method of payment during the checkout (note that this may be stored as part of the Merchant’s profile for the User)

  2. User authenticates with their bank

  3. User selects between ‘Pay Now’ and ‘Pay Later’

  4. User selects installment loan terms

  5. User confirms installment loan terms and accepts terms and conditions

  6. Merchant receives payment authorisation

  7. Merchant completes order with User

  8. Merchant receives payment from Bank, e.g. through Instant Payment scheme

  9. Bank services loan with User


Developer Reference

Click on the link below to see the technical specifications

View Reference

Supporting Documents

PayLater API Flows Explained