What is Pay by Bank? And How SSV SmartPay Makes It Work for UK Businesses in 2026
A clear, practical introduction to Pay by Bank — what it is, how it works, who it’s for, and how SSV SmartPay makes accepting it simple for UK businesses of every size.
- What is Pay by Bank?
- How Pay by Bank works with SSV SmartPay
- Pay by Bank vs Open Banking — what’s the difference?
- Is Pay by Bank safe?
- How much does SSV SmartPay cost?
- Which UK banks work with SSV SmartPay?
- Which UK businesses use SSV SmartPay?
- How SSV SmartPay fits into your business
- How to start with SSV SmartPay
- Frequently asked questions
What is Pay by Bank?
Pay by Bank is a UK payment method that lets a customer transfer money directly from their bank account to a merchant’s bank account using their own banking app, authorised in real time with biometric ID. It’s also known as account-to-account payment or A2A payment. SSV SmartPay is the UK gateway that makes Pay by Bank work for any business — from a single-chair barbershop to a national retailer.
Pay by Bank sits alongside cards, cash, and digital wallets as a way for UK consumers to pay businesses — but unlike cards, it cuts out the middlemen. Where a card payment passes through a card network, an issuing bank, a card scheme processor, and a merchant acquirer before settling, a Pay by Bank payment moves directly between the two banks in a single step.
With SSV SmartPay, the customer experience is simple: the customer scans your QR code, taps a payment link you’ve sent them, or checks out on your website — then approves the payment in their own bank app using face or fingerprint ID. The money arrives in your business bank account within seconds, with no card details handled at any point.(1)
“Pay by Bank is the plumbing of the modern UK payment — bank to bank, instant, authorised by biometric ID. SSV SmartPay is what connects it to your till, your invoice, or your checkout.”
For UK businesses, this matters because it removes most of the cost stack that makes card processing expensive. SSV SmartPay charges 0.5% per transaction over £50, or a flat 20p under £50 — no interchange fees, no scheme fees, no card terminal rental, no PCI compliance charges, and no chargebacks.
SSV SmartPay is built specifically for UK Pay by Bank. While Pay by Bank is the underlying payment method, SSV SmartPay is the gateway that connects every UK bank, generates the QR codes, sends the payment links, manages the dashboard, and gets funds into your business account instantly.
How Pay by Bank Works with SSV SmartPay
A Pay by Bank transaction through SSV SmartPay has four stages — usually completed in under ten seconds from start to finish.
You generate a payment request through SSV SmartPay
Through a QR code on the SSV SmartPay stand at your till, a printed QR code on a bill, an SMS or WhatsApp link sent from the SSV SmartPay Business app, or your ecommerce checkout button powered by the SSV SmartPay plugin. The request carries the amount and your business reference automatically.
Your customer opens it in their bank app
The customer scans the QR or taps the link. SSV SmartPay routes them straight into their own UK bank app, where the payment amount and your business name are pre-populated. The customer reviews it.
They authorise with biometric ID
Face ID, fingerprint, or a banking PIN — whatever their bank uses. This is the same Strong Customer Authentication step protecting every other UK bank app transfer, so it carries the full weight of UK banking security.
Funds land in your account instantly
The customer’s bank sends the funds via the UK Faster Payments network straight to your nominated business bank account. You see the payment confirmed in the SSV SmartPay app and web dashboard in seconds — no 1–3 day settlement delay, no waiting period, no chargeback risk.(2)
Pay by Bank vs Open Banking — What’s the Difference?
The two terms get used interchangeably, but they’re not the same thing.
Open Banking
The UK regulatory framework, mandated by the Competition and Markets Authority in 2018 and overseen by the FCA, that requires UK banks to share account information and initiate payments via secure APIs when their customers consent. It enables a category of new financial services.(3)
Pay by Bank
One specific consumer-facing use of Open Banking — payment initiation. It’s the friendly name for “an Open Banking payment from a customer’s bank account to a merchant’s bank account.”
In other words: Open Banking is the plumbing, Pay by Bank is one of the taps, and SSV SmartPay is the fitting that connects it all to your business. We work with FCA-authorised Payment Institutions providing account information services (AIS) and payment initiation services (PIS), so you get all the regulatory protection of Open Banking without needing your own FCA licence.
Is Pay by Bank Safe?
SSV SmartPay’s Pay by Bank approach is built on Open Banking and Faster Payments. The result is strong protection for both consumers and merchants.
For your customers
- No card details sharedYour business never sees the customer’s card number, CVV, or any reusable credentials. Nothing to skim, intercept, or store.
- Strong customer authenticationBiometric ID inside the customer’s own bank app authorises every transfer — the same security layer protecting all UK banking app transactions.
- Bank-backedThe transfer happens inside the regulated UK banking system, subject to bank-level fraud prevention.
For your business
- No chargebacksThe bank approves the payment at source with biometric ID — there’s no card-not-present dispute route. Once funds land, they stay.
- No fraud-driven refundsCard fraud schemes that produce months of chargebacks for unwitting merchants aren’t applicable to bank-authorised payments.
- No card data liabilitySSV SmartPay doesn’t handle or store card data, which removes the PCI DSS compliance burden from your business entirely.
How Much Does SSV SmartPay Cost?
SSV SmartPay’s pricing is deliberately simple. No tiered plans, no per-card-type surcharges, no monthly minimums.
The full pricing breakdown — including what’s in the free welcome pack and how custom plans work — is on the SSV SmartPay pricing page.
Custom pricing for higher-volume merchants. If your turnover is above £100K and you want additional features or bespoke pricing, the SSV SmartPay sales team will build a custom plan — contact sales.
Which UK Banks Work with SSV SmartPay?
All major UK banks. SSV SmartPay is connected to every UK current account provider on the Open Banking standard, so any of your customers can pay from any UK bank — no separate app, no signup. Examples of major UK banks whose customers pay seamlessly with SSV SmartPay include (but are not limited to):
And many more — including building society current accounts, business banking apps, and challenger banks added to the Open Banking standard. Customers don’t install anything new — SSV SmartPay opens the bank app they already have on their phone, pre-populates your business name and amount, and asks for biometric approval. That’s it.
Which UK Businesses Use SSV SmartPay?
SSV SmartPay is used across UK sectors where transaction fees, settlement speed, and chargeback risk matter — which is most of them. Here are the most common use cases.
QR stands at the till and printed QRs on bills for fast scan-to-pay.
QR on the bill for self-pay, faster table turnover, no waiter waiting for the card machine.
Booking deposits via SMS payment links to reduce no-shows.
Private GP, dental, physio, aesthetics — fast, secure patient payments via Open Banking.
Instant invoicing via WhatsApp at the end of a job, no chasing.
Deposits and full vehicle payments without card surcharge limits.
High-value transactions where card fees would be punitive.
WooCommerce plugin, API integration, or hosted checkout — accept Pay by Bank online with no card processing markup.
And much more — SSV SmartPay is widely usable across many UK industries. From subscription services to gyms and fitness studios, education and tutoring providers, charities and event ticketing, freelancers and consultants, B2B services billing other businesses, property and lettings agents, professional services, marketplaces, and beyond. If your business takes payment in pounds from UK customers, SSV SmartPay works for you.
The common thread is businesses where existing payment costs eat into margin meaningfully — which, given the structural change in card processing fees over the last decade, is most UK SMEs.
How SSV SmartPay Fits Into Your Business
SSV SmartPay isn’t just a fee structure — it’s a complete merchant payment platform built around Pay by Bank. Once you’re set up, you have access to six ways of taking a payment, plus the dashboard and tools to manage the lot.
In-store QR
A QR code stand at the till or counter. Customer scans, pays from their bank app, you see the payment land in seconds.
Learn more →SMS payment links
Send a tap-to-pay link by SMS for deposits, invoices, or remote sales. The customer pays in three taps.
Learn more →WhatsApp payments
Send a payment request straight through WhatsApp — perfect for tradespeople invoicing at the end of a job.
Learn more →Phone QR
Display a QR on your phone screen for the customer to scan. No printed stand needed — ideal for mobile traders.
Learn more →Ecommerce payments
Add Pay by Bank to your online store via the free SSV SmartPay WooCommerce plugin or direct API integration.
Learn more →Web dashboard
Live transactions, analytics, multi-branch reporting, and staff role management — all in the SSV SmartPay web dashboard.
Learn more →Every plan also includes the SSV SmartPay free ERP system — track transactions, run analytics, manage multiple branches, and assign roles to staff. Built in. No extra charge.
How to Start with SSV SmartPay
Getting set up with SSV SmartPay is straightforward — and the first 7 days are transaction-fee-free.
Sign up
Download the SSV SmartPay Business app from the App Store or Google Play, or register at ssvsmartpay.co. Sign-up itself takes minutes.
Submit your business details for verification
Quick KYC check via the app. Approval is typically completed within 24 hours.
Connect your business bank account
This is where your payments will arrive.
Start accepting payments
Use the in-app QR generator, send SMS or WhatsApp links, or display the printed QR stand (sent free in the SSV SmartPay welcome pack). For online stores, install the SSV SmartPay WooCommerce plugin or hook in via the API.
There’s no contract, no monthly fee, and your first 7 days are transaction-fee-free. If you’d like to see the platform before signing up, get in touch with the team and they’ll walk you through it.
Frequently Asked Questions
Is Pay by Bank the same as a bank transfer?
It uses the same underlying rails — UK Faster Payments — but the experience is dramatically simpler. With SSV SmartPay, the customer doesn’t need to type a sort code, account number, or reference. Your business details are pre-populated, so the customer just approves the pre-filled payment in their bank app.
Can my business refund a Pay by Bank payment?
Yes. Refunds work through the same SSV SmartPay rails — you initiate a refund from the dashboard or app, and funds return to the customer’s bank account. The customer doesn’t need to do anything to receive it.
Does SSV SmartPay support recurring or subscription payments?
Open Banking variable recurring payments (VRPs) are an emerging area, and SSV SmartPay supports them as they roll out across UK banks. For now, the platform handles one-off transactions cleanly, with VRP support coming online progressively. For specific subscription use cases, contact the SSV SmartPay team.
Is there a maximum transaction value through SSV SmartPay?
SSV SmartPay supports transactions up to £20,000 per individual transaction. For higher amounts, the payment can simply be split across multiple transactions — there is no limit on how many transactions a customer or business can process in a day, a week, or a month. Customers’ banks may apply their own daily mobile-banking-app limits, which vary by bank.
Is SSV SmartPay regulated?
SSV SmartPay is not directly FCA regulated, as it operates as a technology platform rather than a financial institution. To process payments securely, SSV SmartPay partners with FCA-authorised Payment Institutions that provide Account Information Services (AIS) and Payment Initiation Services (PIS). All payments are processed through the UK Faster Payments network, enabling secure, real-time bank-to-bank transfers. SSV SmartPay Limited is registered in England and Wales (CRN 15424021).
How long does SSV SmartPay take to approve a new merchant?
Sign-up itself takes minutes via the SSV SmartPay Business app or website. After you submit your business details, account approval is typically completed within 24 hours — once approved, you can start accepting payments straight away.
Does SSV SmartPay charge for the QR stand or hardware?
No. The SSV SmartPay welcome pack — including a branded QR stand for your till or counter — is sent free when you sign up. There’s no hardware rental, no PIN pad to buy, no terminal to maintain.
Continue exploring SSV SmartPay
References
- Open Banking Limited. Open Banking Impact Report — 2025. Available at: https://www.openbanking.org.uk/insights/
- Pay.UK. Faster Payments System: How it works. Available at: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/
- Financial Conduct Authority. Open Banking and Payment Services Regulations. Available at: https://www.fca.org.uk/firms/payment-services-regulations
- Competition and Markets Authority. Retail banking market investigation: Open Banking remedy. Available at: https://www.gov.uk/cma-cases/review-of-banking-for-small-and-medium-sized-businesses-smes-in-the-uk
Start accepting Pay by Bank with SSV SmartPay
Sign up in minutes. Typically approved within 24 hours. First 7 days free, no contract, no card terminal required.
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