Open Banking

Introducing Instant Bank Transfer, the fast, secure & lower cost way to accept payments from your customers.

The new standard in payments

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.

Using Nuapay’s Open Banking solution, merchants get all the features expected of a modern payment method. Refunds, recurring payments, instalment plans, and full reconciliations, are already part of our solution.

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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

Full reconciliation files

Simple API integration

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

Where to use Open Banking

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: