Open banking company Nuapay is extending its open banking payments services to Pay360, a payment service provider used for public sector payments by 60% of local authorities in the United Kingdom as well as private sector clients.
With this contract, Nuapay, which is the open banking business of EML, will open banking to local government and eCommerce sectors in the U.K., according to a Monday (Sept. 26) press release.
“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,” Nuapay CEO Brian Hanrahan said in the release.
The partnership will enable both local authorities and private sector clients to offer their customers the ability to make instant payments, check their balances before payments are made and make payments without exposing their card details or other sensitive information, the release stated.
“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,” Pay360 Managing Director Stephen Ferry said in the release. “Furthermore, it enables organizations to be paid in real time, lowers costs, reduces fraud risks and improves reconciliation, all while offering customers a frictionless payment process.”
Open banking is a mobile-first product, allowing customers to make instant payments on their phones by scanning a QR code without having to key in any card numbers, Hanrahan told PYMNTS in an interview posted in February.
Read more: UK Merchants Cut Costs by Adopting Open Banking Payments
“You open the internet banking app from your bank, you authenticate yourself biometrically and complete the payment with one click,” Hanrahan said. “So, there’s no data involved in the flow, which helps the consumer [to] make payments faster.”
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