Open banking pioneer Nuapay, empowered by Sentennials, today announced the expansion of open banking payment capabilities to German and Italian banks.
The Nuapay expansion will allow German and Italian partners to offer an open banking payment solution, which supports seamless 2-account payments for their customers.
The launch connected 308 banks in Italy and 435 banks in Germany to the Nuapay Open Banking platform, connecting 134 million European accounts and reaching 98% and 70% of payers in each country. This adds to Nuapay’s existing open banking connections in the UK and France, which account for more than 90% of payers in these markets. In the coming months, Nuapay’s payment integration will expand to other European markets, including Spain, making it one of the leading open banking payment platforms in Europe.
Germany has long shown a preference for cash over digital alternatives. However, the pandemic saw a shift in consumer preferences indicating that the market is ripe for innovation.
Meanwhile in Italy, even before the pandemic hit, the government was trying to increase the use of digital payments by citizens to tackle cash-related fraud. Before the pandemic, 86% of Italian transactions were conducted using banknotes and coins, according to central bank estimates. However, research shows that the market has seen a staggering 80% increase in mobile payments in 2020 compared to 2019. The government is also encouraging consumers to use digital payments with a Christmas cashback campaign. The cashback initiative launched over Christmas asks users to register their payment method on the IO app – a new government app to provide access to public services and benefits – to receive a 10% automatic refund on every transaction from the state.
Nick Raper, Director of Nuapay, comments: “Allowing access to safe and efficient Open Banking payments in Germany and Italy came at a perfect time as the pandemic put the final nail in the coffin. Access to Nuapay’s Open Banking connection, through our platform, will enable businesses to avoid high card payment fees and provide customers with safer payment options. As Nuapay is the only Open Banking provider with a fully inclusive payment solution, including integrated money transfers, refunds, recurring payments, full installment and reconciliation plans, partners are empowered to provide customers with innovative payment experiences, and expand their service offerings. . ”
Nuapay’s Open Banking Platform also received “Best Use of Open Banking in Merchant Payment Ecosystems” at the recent Merchant Payment Ecosystems Conference (MPE), which is usually held in Berlin annually. The award, announced at a virtual conference on February 23, 2021, recognizes the features and functionality built into the Nuapay Open Banking platform that enables Payment Service Providers (PSP) and Merchants to reap the benefits of open banking payments.
Demonstrating its continued commitment to growing its payments business across Europe, Nuapay has obtained a second EU Payment Institution license from ACPR – the French banking regulator. The license allows Nuapay to continue to offer its payment services in a post-Brexit world to more than 1,000 EU clients.