Open Banking

Harness a revolution in banking to boost your business
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Open Banking puts customers in control of their data and money, opening up a multitude of opportunities

 

Banks are being mandated by Regulators to give access to customer accounts – subject to customer consent – to Third Party Providers (TPPs). Nuapay has developed a comprehensive platform to operate Payment Initiation Services (PISP) and Account Information Services (AISP) and these can also be white-labelled by other PSPs.

Easily access your own account information

Traditionally, accessing information held by your bank was tricky. Now, using APIs and common formats irrespective of the bank, you can access your information as and when you need to.

Fast and efficient customer payment

There are many ways a customer can pay you in an online world. Now it’s possible to allow them to transfer funds from their own bank but under your control. This is an extremely fast and efficient way of taking payment.

Real-time access to customer account information

When you need to know the financial status of a customer, to offer a loan or credit, you can now get real-time access to their account information from their bank, saving a ton of time and paperwork.

Making it work

With no global standards, communicating with banks can be complex

Whilst accessing banks offers many benefits to businesses, putting the capabilities into practice can be problematic due to the lack of formal standards within the industry. Nuapay provides a common portal irrespective of the target bank.

Bank access

Banks can choose their own routing and security mechanisms that have to be followed for either account information services or payment services. Nuapay provides a centralised database of these criteria providing unified access to all banks.

Accessing Open Banking

Because of the sensitive nature of the services provided, access to Open Banking features can only be provided by a licensed and regulated business. That’s us!

Modern interface

Nuapay provides a comprehensive suite of APIs that provide the user with full control of account information and payment services. The same APIs apply to all banks being accessed.

Account information services data formatting

Under current regulations there is no precise definition of the format banks will use to deliver requested data. Nuapay delivers data from any bank in a standardized format.

Payment initiation

Nuapay is a single interface that works with any participating bank. This includes bank reachability checks and full response processing.

Real time operation

Nuapay provides a 24/7 real time service to all Open Banking services, meaning you can work as and when you need to.

Step #1

Join Nuapay to start reaping the benefits of Open Banking with a licenced and regulated provider.

Step #2

Specify the data needed for the business model, build an interface, and start providing enhanced customer services.

Step #3

For payment initiation, integrate Nuapay into existing or new payment channels to deliver fast, low-cost, secure payments.

Pioneers of Open Banking

We’re proud to be both pioneers and industry leaders of Open Banking – a movement towards more innovative and user-friendly banking initiatives that continues to gather pace worldwide.

Nuapay is a registered Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), providing an API capability that exceeds regulatory requirements, giving users the ability to deliver improvements in usability, efficiency and security.

Worldpay view on Open Banking and Account-2-Account

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