Fast. Secure.
Cost Effective.
Accept payments by bank transfer from your customers today, and harness the revolution in Open Banking.
Open Banking is the new way for consumers to pay.
Customers pay by bank transfer, sending funds directly from their bank account to the merchant. It is fast and secure, all with no cards and no data entry.
And by using Nuapay’s Open Banking solution, merchants also get all the features expected of a modern payment method. With Nuapay, refunds, recurring payments, instalment plans, and full reconciliations, are already part of our solution.
Fast
Fast and simple customer checkout with no card details to enter
Merchant receives money (and sends refunds) in real-time
Instalment plans & recurring payments with one click
Real-time webhooks to confirm payment status
Secure
Fully SCA compliant payment method, lowering your fraud rates
Consumers connect securely to their internet or mobile banking to make a payment
No credentials or account details disclosed to merchant, so no PCI DSS requirements
Cost Effective
One, simple, low-cost fee
No charges on failed or declined transactions
No chargebacks, minimising back office headaches
Full reconciliation files
Simple API integration
How does Open Banking work?
Open Banking is a new way to pay, enabled by the European PSD2 regulations. Using Open Banking, customers initiate a payment to a merchant or corporate using their mobile banking App or online banking webportal, in exactly the same way that they would pay with bank transfer. Funds are then transferred to the merchant immediately using the real-time banking rails.
Where to use Open Banking payments?
Open Banking payments are a fast and effective pay-in method for prepaid cards, credit cards, investment, and FX transfer businesses. Open Banking lets you:
- Receive funds in real time, so that you can credit funds immediately to your customer’s account, thereby delivering a better customer experience
- Reduce your risk due to delays in receiving the funds, particularly for FX and investment businesses
- Reduce any reconciliation costs versus payments by bank transfer
- Benefit from cheaper pay-in costs than debit cards
Open Banking payments are a fast and effective method for paying insurance premiums. This can be either a one-off or, with Nuapay’s unique service, the start of a continuous payment authority. Our Open Banking solution lets you:
- Improve conversion rates by enabling customers to pay seamlessly in a mobile environment
- Receive funds in real time, enabling you to initiate a policy with confidence and reduce your risk due to chargebacks
- Enable customers to set up a direct debit for future payments, helping you reduce attrition
- Reduce any reconciliation costs versus payments by bank transfer
- Benefit from cheaper pay-in costs than cards
Open Banking payments are a simple payment option to integrate into your existing checkout page, particularly in a mobile commerce environment. There are significant benefits:
- Customers checkout seamlessly without the need to enter any data, reducing checkout abandonment (mobile checkout only)
- Payments are in real-time, providing you immediate access to funds
- Refunds can be credited back to customers in real time, improving the customer experience
- There are no PCI DSS requirements to worry about, reducing your security risks
- Benefit from lower costs compared to card and wallet payments
Open Banking payments are a simple payment option to integrate into your existing checkout page, particularly in a mobile commerce environment. There are significant benefits:
- Customers checkout without needing to enter any data, reducing checkout abandonment (mobile checkout)
- Payments are received in real-time, providing you immediate access to funds and improving cash flow
- Funds are confirmed in your account, enabling you to ticket with confidence and reduce any risk from chargebacks
- Your customers can set up a direct debit for any future installment payments with one additional click, reducing the cost of chasing payments or processing cards
- There are no PCI DSS requirements to worry about, reducing your security risks
- Benefit from lower costs compared to card and wallet payments
Nuapay’s Open Banking solutions are a great way to receive one off donations, or set up recurring payments. They:
- Enable you to accept non-cash payments without expensive hardware
- Let customers donate on the run using their mobile, without needing to enter any card or account data
- Provide a cheaper mechanism to accept donations (dependent on transaction value)
- With Nuapay, you can ask your donors to set up a subsequent Direct Debit without needing to enter any additional account details
At Nuapay, we are a believer in the power of Open Banking to provide fast, secure and cost-effective payments, and are continuing to innovate to provide Open Banking solutions in many industries. These include:
- coffee shops
- events
- fuel
- rental agencies
- restaurants
- telecommunications.
If you’d like to harness the power of Open Banking, come and talk to us about your current payment challenges today.
Why use Nuapay?
Nuapay is a pioneer and industry leader in Open Banking payments. Our API based payment method, provides a complete payment solution that addresses all of your needs, whether you be a PSP, merchant, or a payer. Our solution provides:
Complete payment functionality
Unlike other providers, we power the full set of payments, including refunds or outbound payments, recurring payments and instalment plans
Comprehensive bank coverage
Nuapay’s PISP processor is a single connection to all major banks in the UK and a growing number of connections across Europe, supporting payments from your customers no matter where they bank
Immediately accessible funds
Funds are immediately available in your bank account, or can be batched to your account at a frequency that suits you. Either way, we provide complete reconciliations, ensuring no payments are missed
Modern API integration
Integrate into our Open Banking payment method through our industry leading APIs, including webhooks for easy, real-time integration into your customer journey
24/7 live operations
We are a trusted payment provider to major banks and PSPs across Europe, ensuring we have the scale and capability to power your payments 24/7
Support for PSPs
Our solution is available to be white-labelled and/or distributed by PSPs, using our PISP licence or yours. We provide hierarchical account structures with virtual accounts to support PSPs distributing at scale or using “Collecting on behalf of” payment models
How does Nuapay compare?
Nuapay is licenced by the FCA as an Authorised Payment Institution, including permission to operate as a Payment Initiation Service Provider (PISP), enabling us to power this full set of payment functionality
Additional Resources
Open Banking World Series Report
See the benefits of Open Banking solutions and why merchants are starting to adopt these payment methods
Future of Open Banking with Worldpay
Find out more about how Open Banking is changing payments from one of the leaders in the payments industry, Worldpay
Integration
guides:
API docs
See how easy it is to connect to our APIs to start accepting payments direct from your customers’ bank accounts today
