The announcement means that Pay 360’s customer base – 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’s customers in retail, ecommerce, hospitality, and gaming will benefit from frictionless, instant payments through the Nuapay-powered payment solution.
The partnership between Nuapay and Pay360 will enable local authorities and private sector clients to offer their customers the option to make frictionless, instant payments through the Nuapay-powered payment solution. Customers will now have complete control of their finances, allowing them to check balances before payments are made. The new offering will also bring about higher levels of security as customers will no longer have to expose sensitive details such as card details when making payments. Further benefits include the removal of PCI Compliance and the potential for significant cost savings.
Some of the benefits of getting paid using Nuapay Open Banking solutions include:
Secure way to pay with Open Banking Payment Initiation (PISP), reducing fraud risk and creating end-to-end transparency;
Faster way to pay with access to cashflow;
Faster refunds for customers;
Trusted user experience with biometric payment options made available between merchant checkout and consumer banking apps.
In May 2022, Nuapay has 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 is part of the 13 fintechs that launched the Open Finance Association (OFA) to further open up financial data and payments through API tech. OFA’s primary focus is to bring together different fintechs to help drive the move towards Open Finance across Europe and believes secure, open APIs are key to competition and innovation in this space.
OFA priorities are to enable consumers and businesses to access their data across all their financial accounts and make use of it via trusted third-party providers. The association will reportedly focus on developing and driving the adoption of a competitive and convenient instant payment method based on open payments.
More than five million people in the UK are actively using Open Banking services, four years after being mandated by the competition regulator. Open Banking services are most commonly used for payments. A total of 3.86 million payments have been made via Open Banking.
The UK made its first steps in establishing a solid Open Banking infrastructure before PSD2 came into effect. 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 direction came into force on January 13, 2018, resulting in banks’ transformation into service providers. Banks perform client onboarding and open accounts, while fintech companies develop interfaces and new products as well as provide a variety of services.
Open Banking has considerably facilitated a digital transformation in the financial sector. Without any doubt, breaking the barriers created around customer data, Open Banking has become a significant source of innovation that reshapes the banking industry.
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