Nuapay extends Open Banking payments for German and Italian banks

By Megha Bhattacharya

Open banking service provider, Nuapay today announced that it will be extending its open banking payment capabilities to German and Italian banks. The expansion is expected to enable German and Italian partners to offer open banking payment solutions, boosting account-to-account payments for their customers. In the coming months, Nuapay’s payment integrations will be extended to other European markets, including Spain.

This rollout connects 308 banks in Italy and 435 banks in Germany to Nuapay’s Open Banking platform, connecting 134 million European accounts and reaching 98% and 70% of payers in each country.

Nick Raper, Director of Nuapay, commented, “Enabling access to secure and efficient Open Banking payments within Germany and Italy comes at an opportune time as the pandemic puts the final nail in the cash-coffin. Access to Nuapay’s Open Banking connections, via our platform, will allow businesses to avoid high card payment fees and deliver more secure payment options to customers.”

“As Nuapay is one of the only Open Banking providers with a fully inclusive payment solution, including integrated money movement, refunds, recurring payments, instalment plans and full reconciliations, partners are empowered to deliver innovative payment experiences to customers, and expand their service offerings.”

Recently, Nuapay announced that it has been selected by Mastercard prepaid providers, Their Perfect Gift and K Wearables, to enable consumers to use Open Banking payments in the lead up to Christmas. The integration with Nuapay will enable the companies’ customers to pay via their mobile app providing faster access to cash and reducing processing costs for Their Perfect Gift and K Wearables.

Nuapay has also secured a second EU Payment Institution licence from the ACPR – the French banking regulator. The licence enables Nuapay to continue offering its payment services in a post-Brexit world to in excess of 1,000 EU clients.