Mollie Launched Pay by Bank Transfer Service
The new payment system allows direct transfers across thousands of banks in the Netherlands and the United Kingdom.
Updated on Oct. 5, 2026 in Financial Services
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Financial technology firm Mollie has introduced Pay by Bank, a new service facilitating direct bank transfers within merchant checkout interfaces. The system connects to over 2,500 banks and currently operates in the Netherlands and the United Kingdom.
Why it matters
Mollie launched this service to provide a direct alternative to existing payment systems like iDEAL and Wero. By integrating directly into checkout flows, the company aims to streamline payment processing for merchants.
The system utilizes direct connections with more than 2,500 banks across its initial launch markets. Unlike some competing platforms, Pay by Bank relies on irrevocable payments and does not currently provide buyer protection for shoppers.
The players
Mollie
Mollie is a financial technology company that provides payment processing services and online checkout solutions for merchants.
iDEAL
iDEAL is an e-commerce payment system that allows customers to make direct online payments through their own banks.
Wero
Wero is a digital payment initiative designed to provide standardized payment services across European markets.
The details
Pay by Bank functions by embedding the payment transfer process directly inside a merchant's checkout interface. While the service provides immediate, irrevocable transfers, it lacks the buyer protection features found in some competing payment systems.
Timeline
Mollie launched the Pay by Bank service on October 5, 2026.
Pay by Bank is expected to expand to the rest of Europe during the first half of 2027.
Wero plans to introduce new buyer protection features in 2028.
Market Landscape
Mollie's entry into the bank transfer space intensifies the competition against established regional payment frameworks like the European Payments Initiative's Wero system. This shift signals a broader move toward proprietary direct-transfer solutions as fintech companies challenge traditional payment standards.
Shoppers using Pay by Bank should be aware that the service does not provide buyer protection, which may affect their ability to resolve disputes for faulty goods. Merchants can now integrate this checkout option to potentially lower processing friction for customers using participating banks.
The takeaway
Direct bank transfer services are gaining traction as faster, irrevocable alternatives to traditional card processing. Consumers should carefully consider whether the convenience of these direct transfers outweighs the lack of built-in purchase protections.
Further reading
For more on the changing landscape of electronic payments, visit the /business/industry/financial-services/ section.
Source note: This article includes information reported by NL Times.
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