Through this partnership, Cardstream’s Open Payment Network of White Label Partners, which includes ISO (Independent Sales Organisation) and ISV (Independent Software Vendor) resellers, are enabled to offer to its customer Nuapay’s collection and instant Open Banking payment services in 28 EU and UK markets.
Additionally, Cardstream’s merchant user base can use Nuapay’s Account2Account (A2A) payment services, which are accessible through all existing integration methods, as well as ecommerce platforms, such as Magento and WooCommerce, to enable Pay Now and Pay In Instalments.
Enabling merchants to combine the security and speed that come with Open Banking transactions with the convenience and reliability associated with Direct Debit will help this collaboration to future-proof A2A payments, thus filling a gap in the market and offering customers instant refunds, helping the company build loyalty and deepen customer relationships. Merchants can also access funds instantly, at a lower transaction cost, having a cashflow advantage over other payment methods; Nuapay’s technology also allows merchants to collect payments that are future-dated.
Using Secure Customer Authentication (SCA), Open Banking payments have a high level of security and help reduce fraud risk, while simultaneously helping merchants save time and money.
Nuapay officials have stated that the integration of A2A functionality is a step forward when it comes to Open Banking adoption, the partnership with Cardstream facilitating the delivery of Open Banking payments to an increased number of UK merchants, and thus enabling thousands of consumers to experience consistent ecommerce payments.
Cardstream representatives have stated in their press release that A2A payments benefit both merchants and consumers. When it comes to merchants using Cardstream, they will have faster access to funds, auto-reconciliation, and reduced costs, whereas payers will be able to benefit from a better user experience, instant access to refund credits, as well as the ability to leverage biometric authentication for a fast payment process.
EML Payments is an Australia-based payment solutions provider; its technology powers the payment process and helps move money in a quick, convenient, and secure manner, while its programme management expertise creates payments solutions that are configurable and rich in features.
Nuapay is EML Payments’ Open Banking business, making Direct Debit, credit transfers and instant payment products available through a single ‘bank-grade’ platform that is accessible through APIs.
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