Pay 360 to implement Nuapay’s Open Banking solution

nuapay, EMLOpen Banking business, announced that it is bringing its Open Banking payment solutions to Pay 360a complete payment ecosystem.

This announcement means that Pay 360 customers, including over 60% of UK local authorities, will benefit from Nuapay’s real-time account-to-account payment capabilities. The expansion also means that Pay360 customers in the retail, e-commerce, hospitality and gaming industries will experience instant and frictionless payments through the Nuapay-powered payment solution.

The partnership between Nuapay and Pay360 will enable local authorities and private sector customers to offer their customers the ability to make instant and frictionless payments through the payment solution powered by Nuapay. Customers will now have full control of their finances, allowing them to check balances before payments are made. The new offering will also bring higher levels of security, as customers will no longer have to expose sensitive details such as card details when making payments. Other benefits include the elimination of PCI compliance and the potential for significant cost savings.

Some of the benefits of getting paid using Nuapay Open Banking solutions include:

  • Secure payment method with Open Banking Payment Initiation (PISP), reducing the risk of fraud and creating end-to-end transparency;

  • Faster payment method with access to cash flow;

  • Faster refunds for customers;

  • Reliable user experience with biometric payment options available between merchant checkout and consumer banking apps.

Nuapay expansion

In May 2022, Nuapay connected to banks in 20 more countries in Europe. Nuapay’s connectivity reaches 2,250 banks in 28 countries across Europe, with the potential to reach 420 million customers through its banking platform. Newly connected countries include Austria, Czech Republic, Estonia, Finland, Romania, Slovenia and Sweden.

In September 2022, Nuapay announced that it was among 13 fintechs that launched the Open Finance Association (OFA) to further open financial data and payments through API technology. OFA’s main goal is to bring together different fintechs to contribute to the transition to open finance across Europe and believes that open and secure APIs are essential for competition and innovation in this space.

OFA’s priorities are to enable consumers and businesses to access and use their data across all of their financial accounts through trusted third-party providers. The association will focus on developing and adopting a competitive and convenient instant payment method based on open payments.

Expansion of Open Banking in the UK

More … than five million people in the UK are actively using the services of Open Banking, four years after being mandated by the competition regulator. Open banking is most commonly used for payments. A total of 3.86 million payments were made through Open Banking.

The UK took its first steps in building a strong Open Banking infrastructure before PSD2 came into force. Following the introduction of PSD2, in 2016 the Competition and Market Authority (CMA) required nine of the largest financial institutions to open access to their APIs. The directive entered into force on January 13, 2018, leading to the transformation of banks into service providers. Banks perform customer onboarding and open accounts, while fintech companies develop interfaces and new products and provide a variety of services.

Open Banking has greatly facilitated the digital transformation of the financial sector. Undoubtedly, breaking down the barriers created around customer data, Open Banking has become an important source of innovation that is reshaping the banking industry.