Ecommpay partners with Nuapay

Tuesday 27 April 2021 12:31 CET | News

PSP and direct bank card acquirer, ECOMMPAY, has announced it is partnering with Open Banking solutions provider, Nuapay, according to the official press release.

The partnership seeks to enable better payouts to EU and UK bank accounts, and access to SEPA — the Single Euro Payments Area — an EU initiative to improve payments across the Eurozone. Using Nuapay, ECOMMPAY will allow merchants with access to have a pre-funded (EU and GBP currencies) sub-account under ECOMMPAY, meaning the end-user customer can clearly identify the merchant when receiving funds from a payout or refund. The feature will consolidate multiple payment methods to make reconciliation processes easier and faster for the merchant, and will minimise bank charges by pooling multiple fund settlements into one daily transfer to the merchant; maximising their profits and enabling better control of their funds. The solution is fully integrated within ECOMMPAY’s portal through API calls to Nuapay, and webhook notifications allow ECOMMPAY to track end-to-end payment events, providing a fully managed reconciliation and payout service to merchants.

In the near future, Auto-Payouts will be enabled automatically without the merchant requesting bank details from their customers. It will do this by using the customer’s bank details from an original Open Banking payment, minimising any data risks for ECOMMPAY and its merchants and eliminating fraud risks. The new solutions are currently live in Austria, Belgium, France, Germany, Hungary, Italy, Latvia, Lithuania, the Netherlands, and the UK. More countries will be available soon. 

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Keywords: partnership, PSP, Acquirer, Nuapay, Open Banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech