Nuapay’s innovative and fully customisable open banking and real-time account-to-account payment capabilities will give Pay360’s customers access to cutting-edge payment technologies across all of its gateway connections.
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Pay360 is a proud market leader for public sector payments – used by more than 60% of Local Authorities across the U.K.1 Pay360 also works closely with private sector clients across multiple industries, with Independent Software Vendor (ISV) customers in retail and e-commerce, hospitality and gaming.
The impact of the pandemic has created a significant shift towards digitalisation, forcing more businesses to move their services online. In fact, in January, HM Revenue and Customs revealed that it had accepted £2.5 billion in payments since launching open banking, heralding a new wave of payments innovation.2
The partnership between Nuapay and Pay360 will enable Local Authorities and private sector clients to offer their customers the option to make frictionless, instant payments through the Nuapay-powered payment solution. Customers will now have complete control of their finances, allowing them to check balances before payments are made. The new offering will also bring about higher levels of security as customers will no longer have to expose sensitive details such as card details when making payments. Further benefits include the removal of PCI Compliance and the potential for significant cost savings.
Pay360 processes over 141 million transactions every year, valued at over £8.6 billion.3 EML is proud to be chosen by Pay360 after a rigorous evaluation of potential providers to power its open banking and real-time account-to-account payment needs.
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”Today, millions of organisations and consumers are using open banking services to manage their finances. Our partnership with EML will accelerate public sector adoption of open banking, which allows for a high level of customer engagement and ensures consumer data is protected. Furthermore, it enables organisations to be paid in real-time, lowers costs, reduces fraud risks and improves reconciliation, all while offering customers a frictionless payment process,” said Stephen Ferry, Managing Director at Pay360.
”We’re working with one of the biggest payment service providers of its kind in the U.K. Embedding innovative open banking payment solutions into Pay360’s core business is yet another proof point that open banking is accelerating the future growth of payment technologies and becoming ubiquitous with seamless payment experiences. We’re incredibly excited to work with such a respected leader in driving this adoption forward,” commented Brian Hanrahan, CEO Nuapay.
The benefits of a better way to pay and get paid using Nuapay open banking solutions:
- Secure way to pay with Open Banking Payment Initiation (PISP), reducing fraud risk and creating end-to-end transparency
- Faster way to pay with access to cash flow
- More seamless payment experiences with faster refunds for customers
- Trusted user experience with fast biometric payment options made available between merchant checkout and consumer banking apps
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