The Bank of London has granted a non-exclusive license of its one-click checkout patent to the Seattle-based company Firmly, with an eye toward helping ad-to-checkout commerce, according to a Thursday (Jan. 13) press release.
Powered by the Bank of London’s intellectual property, Firmly lets merchants offer secure one-click checkout services anywhere, including on social media sites.
Users can make use of one-click checkout with various brands, which the release says reduces friction and will help cut down on cart abandonment.
“We’re excited that Firmly are entering the marketplace powered by The Bank of London,” said Anthony Watson, founder and group CEO of The Bank of London. “This commercial agreement drives the borderless economy of the future via our patented technologies.
“In addition, the ‘zero change’ integration checkout, allows Firmly’s clients to deploy powerful solutions using a simple-touch web SDK or Android/iOS toolkit without the need for any developer teams.”
Meanwhile, Firmly founder and CEO Kumar N Senthil said the company was “super excited to partner with The Bank of London on the mission of enabling a seamless one-click checkout anywhere so that we can bring the joy of shopping online to the customers instead of painfully providing the same information over and over again across every single website the customer shops.”
PYMNTS writes that The Bank of London opened its doors on Nov. 30, 2021, as a financial institution looking to serve as a purpose-built global clearing agency and worldwide transaction bank.
Read more: The Bank of London Opens Doors at $1B Valuation
The bank is the sixth principal clearing bank in the U.K., and is also the second new clearing bank in over 250 years.
The company, whose work includes “borderless economic infrastructure of the future,” had a unicorn status with $1.1 billion in value upon launching.
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