Federal Reserve Bank of Atlanta
In the fast-paced world of digital finance, new innovations are constantly changing how we manage our money. One development is pay by bank, a payment method that allows consumers to make payments directly from their bank accounts—without using a debit or credit card.
To pay using your bank account, you would:
Select the “pay by bank” option at checkout.
Choose your bank from a list or enter its name.
Be redirected to your bank’s website.
Log in with your online banking credentials.
Authorize the payment.
Confirm the transaction.
Optionally, save your bank details for future use.
(Note: Steps may vary by bank and payment provider.)
Direct authentication with the consumer’s bank ensures bank-level security: a password, fingerprint scan, face ID, one-time password, or however the consumer has secured it. The consumer logs into their account the same way they do to check their account balance. The retailer or biller does not have access to any login credentials; the log-in occurs at the bank’s website or in the bank’s mobile app. Since the payment comes directly from the consumer’s bank account, there is no need to enter debit or credit card details or personal information, or to storeicon denoting destination link is offsite sensitive data online with a third party.
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