EML Open Banking expands into 20 new countries to complete its coverage of Europe
By Joy Dumasia
Nuapay, EML Payments Limited’s Open Banking business, is now connected to banks in another 20 countries in Europe, becoming one of the first open banking operators to provide complete connectivity across the Eurozone and expand into Eastern Europe and non-Euro Nordics.
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.
Brian Hanrahan, CEO EML’s Nuapay Business Division, said: ”We’re delighted to grow our open banking presence in Central and Eastern Europe and Scandinavia and for Nuapay to emerge as one of the only providers with an expansive Europe-wide reach.”
At the end of 2021, open banking front runner, the U.K., experienced a 500% increase in open banking payments in 12 months. Also, in the U.K., 70% of lenders expect to use open banking within the next two years, a surge from the present 26%.
EML’s unique offering powers card issuing, payment accounts, open banking, payouts and direct debits under one roof to help exceed the expectations of businesses seeking more value from payments. Its one-stop-shop approach has proven particularly attractive to B2B (Business-to-Business) companies who need to issue money and collect payments in e-commerce, BNPL (Buy Now Pay Later) and lending.
Additionally, Nuapay, an Account-2-Account payments pioneer with 18 years of experience, enables both open banking payments and data sharing and is a direct member of U.K. Faster Payments and an indirect participant bank in the SEPA Instant payment network, giving it industry-leading real-time payments capabilities.
Recently, IBS Intelligence reported that EML Payments Limited’s client REPX has launched an initial rollout of 20,000 private label gift cards designed specifically for dedicated fans of the Serie A top-flight Italian football side, AC Milan. The San Siro side’s Red And Black fans can access the cards at large-scale retailers thanks to Epipoli‘s reach across Italy, expanding EML’s global sporting digital footprint.
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