London-based fintech startup enables businesses to bypass intermediaries in bank payment processes
Noda Pay, an Open Banking payments platform that enables businesses to bypass expensive banking intermediaries, announced its official launch. The platform is now available to businesses in the United Kingdom (UK) and is in beta within the European Union (EU). The fast-growing fintech startup has projected annual revenue of $800,000 and has plans to enter North America and Singapore early next year. Noda Pay is backed by Social Discovery Ventures (SDVentures) , an international holding company and investment fund for technology companies that provide platforms for social discovery.
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“Noda Pay was developed to help businesses keep more of their hard-earned money,” said Noda Pay spokesperson Brian Fitzgerald. “With inflation rates soaring in many parts of the world, businesses need to save on expenses wherever they can. Paying upwards of 3% to receive payment is no longer acceptable. Noda Pay cuts out the intermediaries in bank payment processing, saving businesses up to 2% per transaction.”
With Noda Pay there are also no chargeback fees, ever. And payment acceptance rates are as high as 98%. The average acceptance rate for credit cards is 70%, and for online wallets it’s 80%. In addition, it only takes hours, not days or weeks, for businesses to have Noda Pay up and running.
Noda Pay launched in private beta within the UK in May of this year, going live after overwhelming support from its early business users. In addition to its ease of use and quick onboarding, businesses lauded Noda Pay for its variety of online payment services, including direct payments from payer’s bank account to the merchant’s bank account without intermediaries (such as Visa, PayPal), and alternative payments from credit cards, online wallets, cryptocurrency and more.
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Additional platform features include:
A convenient user dashboard with built-in analytics to help businesses streamline money management and accounting tasks.
- A sleek user interface and powerful 256-bit encryption for added peace of mind.
- A self-service hub for easy merchant registration and onboarding.
- APIs for integration with other payment platforms.
And coming soon, businesses will be able to view a payer’s identification and checking account balance during pre-orders. Plus, the platform will enable the payment of invoices by short links and QR codes. Noda Pay is also developing smart contracts connected to banking data and other innovative ways to identify customers for cross-platform applications and services.
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