Phos adds Open Banking Payments to solution for European merchants

By Gloria Methri

Bulgarian software provider Phos has announced the addition of Open Banking as a payment option to its payment acceptance solution. The new functionality is a result of a partnership with Nuapay and will enable phos partners to provide instant bank transfers within its SoftPoS application for merchants.

Over 6 million merchants using Open Banking will benefit from faster settlements and low-cost payment option via the phos solution.

Brad Hyett, CEO of phos, said, “Open Banking has brought about a range of new payment possibilities and there are already millions of end users taking advantage of this technology. Direct bank transfers are proving popular as a mainstream payment method thanks to the enhanced security they provide – consumers don’t have to manually type their card details into third-party sites – and their ability to expedite the checkout process for shoppers.

“Through our partnership with Nuapay, we set out to help merchants capitalise on the Open Banking opportunity too – from higher conversion rates to cheaper and faster settlement. Using an orchestration platform that offers Open Banking functionality means more ways to pay for customers, which in turn helps drive sales and better customer engagement.”

Brian Hanrahan, CEO of EML’s Nuapay, added, “Open Banking continues to gain momentum as a preferred payment method and we’re very happy to partner with phos to support its continued growth. The collaboration will help merchants obtain the benefits of Open Banking through technology that they already use, leveraging phos’ orchestration platform to offer customers more ways to pay – all without the need for costly additional hardware.”

Open Banking is the first of many alternatives to card payments that Phos will make available through the SoftPoS platform. In addition to Open Banking, the company is actively working on PayPal and Venmo acceptance for the near future. Customers will also be able to use phos’ technology to accept card and digital wallet payments directly on any NFC-enabled smartphone or tablet.