Elavon, a global payments leader, has announced a collaboration with Nuapay, the London-based subsidiary of payments pioneer Sentenial, to provide selected open banking solutions to Elavon customers.
Under PSD2 regulation in Europe, open banking enables consumers to securely share their data and make instant payments from their bank through licensed and accredited providers. Recently released figures by the Open Banking Implementation Entity (OBIE) in the UK reported that customer use of open banking in the UK has doubled in the past six months, surpassing the one million customer mark for the first time. Consumers benefit from open banking by having access to a wider range of financial services, money management tools and a personalised customer experience when making purchases, made possible through the sharing of data that’s only previously been seen and used by their bank.
As well as providing the ability for businesses to offer more tailored solutions to their consumers through open banking journeys, the Nuapay agreement will also enable consumers to make secure online payments to merchants without needing a card. Elavon’s merchants will benefit from faster receipt of funds and be able to provide their consumers with more choice and flexibility in how they pay.
“Open Banking is rapidly growing in adoption across the payments and financial services industries so we’re pleased to offer these capabilities to our customers,” said Hannah Fitzsimons, Executive Vice President and General Manager of Elavon Europe. “Our relationship with Nuapay will allow merchants to provide customised, fast and secure payments seamlessly to customers.”
“Merchants can use new Open Banking solutions to transform the way they engage with and accept payments from their customers. With it, businesses have the potential to gain cost savings, speed improvements as well as security benefits.” said Sean Fitzgerald, CEO of Sentenial. “We’re delighted that the Nuapay agreement with Elavon will bring the benefits of open banking to their significant customer base across the UK and Europe.”
Nuapay is an industry-leading Account-2-Account payment solution provider. Together with its parent company, Sentenial, they securely process over €40bn every year as a payment processor for many of the world’s leading banks, PSPs and merchants.