Nuapay, an EML Payments business, in partnership with Their Perfect Gift, has clinched the Best Initiative in Open Banking at The Card & Payments Awards 2024, held in London on 1 February.
As a pioneer in open banking and account-to-account (A2A) payment solutions, Nuapay prides itself on driving forward innovations in the payments landscape. Since January 2023, in collaboration with Their Perfect Gift, who leverage Nuapay’s Authenticated Mandates solution, this recognised partnership and product has significantly enhanced the consumer experience in reloading open-loop gift cards.
Nuapay’s product enables effortless sign-ups and payments by combining open banking with direct debit, shifting from the traditional dependence on credit and debit cards to a more secure and cost-effective A2A method. This innovative approach streamlines the customer verification process, avoiding manual input while retaining all the advantages of direct debit for recurring payments.
Brian Hanrahan, CEO of Nuapay, expressed his pride in the achievement, stating, “ We are delighted to be recognised with this award, which reflects our commitment to innovation and excellence at the intersection of open banking and recurring payments. Our collaboration with Their Perfect Gift is a wonderful example of what can be achieved when the power of open banking and A2A payments are harnessed for the benefit of merchants and their customers.
Through this collaboration, Their Perfect Gift has realised significant benefits, including:
- The efficient implementation of open banking, direct debits, payment collection, tokenisation, and reconciliation processes within their back office operations.
- An enhanced customer experience with instant payment options and the convenience of recurring top-ups.
- A marked reduction in fraud risk and financial losses versus elevated card payment fees.
- The introduction of customer rewards, offering a reward for consumer spending and donations to charitable causes.
The Card & Payments Awards is a premier event that celebrates excellence and innovation within the UK and Irish card and payments industry. It attracts over 1,100 professionals from more than 300 companies. Nuapay secured the award amid strong competition, with nominees including Ecommpay, Global Payments, Nationwide and Moneyhub, Payit by NatWest, Solarisbank and Ecospend, Trustly, and Yaspa.
Wherever money is in motion, EML Payments helps businesses create awesome payments experiences for their customers. Our technology powers the payments process, moving money quickly, conveniently and securely while our programme management expertise creates superior configurable, feature-rich payments solutions.
Nuapay is EML Payments’ market-leading Open Banking business. Direct Debit, Credit Transfers and Instant Payment products are also available through one single ‘bank-grade’ platform, easily accessible through industry-leading APIs. Businesses and their customers benefit from the immediacy of Open Banking and account-2-account payments and can save time, money and resources at every turn. This is payments as it should be.
For more on Nuapay visit the website here