Pay by Bank is the umbrella term for account-to-account (A2A) payments that move funds directly from the consumer's account via PSD2 open-banking APIs, bypassing card networks—resulting in a simpler fee structure and no chargebacks. For Finnish consumers already accustomed to account-based payment through bank-link payments (verkkomaksu), it requires no new habit; it can be seen as that same tradition carried onto a standardized API.

It particularly suits merchants expanding into multiple European countries, including Finland, at once who want to consolidate country-specific methods onto a single A2A rail, as well as high-value, low-refund industries (travel, digital services, B2B-style transactions). For Finland's dedicated bank-link method, see Online Banking Finland; for an individual PSP brand, see Trustly.

When the shopper selects their bank at checkout, the open-banking API invokes that bank's authentication process (such as confirmation via a mobile banking app), and once the shopper approves, funds move via SEPA transfer or instant transfer. The bank authentication step also satisfies PSD2's SCA requirements. Hecto Financial receives the transferred funds in euros (EUR), converts them, and settles with the merchant in Korea in the contracted currency—USD, KRW, or JPY.

Integrating through Hecto Financial lets a merchant based in Korea consider accepting A2A payments, including in Finland, without signing individual contracts with open-banking providers in each European country. Country- and bank-level coverage, along with instant-transfer support, needs to be confirmed before signing a contract.

• Business registration country

  Confirm whether a contract is possible on a Korea-based business basis

• Sales channels

  Integration method and priority differ depending on your mix of online channels—own site, marketplaces, mobile apps, etc.

• Product categories

  Check in advance whether your products fall under restricted categories per the Pay by Bank (Europe) operator's merchant policy

• EU regulatory compliance

  Confirm compliance with EU payment rules such as PSD2 and SEPA (see official sources below)

Funds transferred via A2A are received by Hecto Financial in euros (EUR), converted, and settled with the merchant in Korea in whichever currency—USD, KRW, or JPY—was selected under contract. Because it's transfer-based, there's no chargeback risk, but refunds are handled as a merchant-initiated return transfer, so operational policy should account for the turnaround time needed to process refund requests, including 14-day withdrawal rights.

• Bank of Finland (Suomen Pankki), Financial Supervisory Authority of Finland (FIN-FSA, Finanssivalvonta)Official information on Finland's payment systems and related regulations. Where this page differs from actual regulations, the official sources take precedence.