We recently discussed with Holly Coventry, Vice President, Open Banking at American Express, about the benefits for merchants of introducing Open Banking payment capabilities to win the checkout race and retain customers in the long run.
Contactless cards and mobile wallets have gone mainstream over the past decade, pushing merchants to keep adding new ways to pay. Yet, payment choice alone no longer sets a checkout apart. Today’s discerning shopper will likely ask themselves three key questions when making a payment – can I trust this method? Can I pay in under ten seconds without typing card data? Will I see my money move the moment I pay? When the answer is yes, baskets convert, bills get paid on time, and customers return.
Open Banking payments tick all three boxes – bank-grade security, a three-click approval inside the banking app, and real-time settlement.
Pay with Bank Transfer (PwBt), powered by American Express, lets consumers pay straight from their bank account without requiring an Amex card or otherwise. Our latest research shows how keen consumers already are to use Open Banking payments, and what payment leaders can do to close the remaining trust gap.
Security and speed now set the terms of engagement
In a survey of 2,000 UK shoppers conducted by Opinium on behalf of Amex’s Pay with Bank transfer, about three-quarters (76%) named security as their make-or-break factor at checkout – ranking this as more important to them than rewards, delivery promises, or even price. Just as telling, half (49%) said they would use a new method if it offered stronger protection. In other words, there is already a latent appetite for change; consumers are receptive to the idea of a payment method that is more secure and moves money faster.
Open Banking payments, confirmed inside the user’s own banking app and settled within seconds, fit that description and they are no longer experimental but at scale today.
How merchants are responding
A separate PwBt poll of 500 UK merchants also conducred by Opinium paints an interesting picture – 85% believe they already strike the right balance between speed and security, and an encouraging 68% are budgeting further checkout improvements this year – including new digital wallet options and additional fraud tools.
Yet, Open Banking still sits relatively on the sidelines. Just over one third (34%) plan to accept Open Banking payments in 2026 or have already done so. In other words, two-thirds of merchants are investing more broadly in bolstering their payment experience, while a method that directly meets customers’ call for faster, safer checkout remains largely untapped.
Bill payment momentum
Our consumer research revealed that 27% claim to use Open Banking payments most frequently to settle household bills, compared to 11% who use manual bank transfers most frequently. We offer our American Express CardmembersÒ the option to settle their bills using PwB, emerging as the most preferred method with particularly positive feedback around how seamless the process is and the instant settlement.
With commercial Variable Recurring Payments (VRP) moving into live pilots this year, Open Banking could do for automatic bills what Pay-by-Bank has already done for one-off payments. VRP will let customers pre-authorise a supplier to pull funds only within a cap they set in their banking app, see every transaction in real time, and stop or lower the cap at any point. This will eliminate the uncertainty over bill payment amounts changing without approval, cited as the top consumer frustration with traditional bill payment methods, according to our survey.
Early adopters are likely to be utilities, telecoms, and streaming platforms, where bill amounts fluctuate but trust and cash-flow are equally critical. For these merchants, capped VRP promises Direct-Debit-level automation with Faster-Payments-level settlement, minimising dispute risk. This marks an important step – bringing the industry closer to a fully trusted, real-time checkout experience.
Building the business case – strategic view
We typically encourage merchants to start by asking two basic questions – where does checkout friction cost us the most sales or service time? Where does waiting days for settlement squeeze our cash flow? The answers usually point to variable bills, first-time purchases, or high-ticket baskets. Running a limited pilot in one of those areas, then tracking three simple KPIs: how fast the money lands, how often disputes crop up, and how many support calls you field, will provide a clear evidence-based case to deploy Open Banking payments.
The call to payment leaders
Security and speed represent top priorities for consumers, and nearly half are ready to switch methods if those needs are met. Yet, there is an opportunity gap for merchants who don’t currently have any plans to introduce Open Banking payments into their commercial offers in 2026.
Commercial VRP pilots will soon add automatic, customer-capped billing to the mix, expanding Open Banking payments from one-off transactions to the heart of recurring revenue. Payment teams that start laying the groundwork today by scoping use-cases, talking to PSPs, and building the KPI framework will be first to convert latent demand into loyal, trusting customers tomorrow.
About the author
Holly Coventry is Vice President of Open Banking at American Express, where she leads payments innovation and strategic growth across payment solutions, including Open Banking and account-to-account capabilities. She spearheaded the development of Amex's Open Banking-powered Pay with Bank transfer product, seeing it grow into a major UK payment solution used across sectors like travel, utilities, and education.
About American Express
Pay with Bank transfer allows consumers to pay online or instore directly from their bank account. It unlocks the potential of Open Banking to deliver financial and processing benefits to merchants, while offering their customers a simple, speedy, and secure way to pay. It’s powered by American Express but open to everyone.
