This framework is used by public sector entities seeking official suppliers of Open Banking services. According to financialit.net, following a GBP 3 million investment in OBConnect, an Open Banking 'Software as a Service' (SaaS) business in 2022, PayPoint has witnessed significant growth in its Open Banking services.
The company has introduced various Open Banking products, including Confirmation of Payee (CoP), Payer Name Verification (PNV), and Account Information Services (AIS) solutions. It's worth noting that PayPoint became the first Open Banking provider to offer bank-to-bank transfers as a Payment Initiation Service Provider (PISP) through its Pay By Bank service, catering to Pay-As-You-Go energy customers.
Officials from PayPoint cited by the same source emphasised the significance of this development, stating that being included in the DPS framework enhances visibility among potential buyers and facilitates the demonstration of the transformative nature of PayPoint's Open Banking partnerships. They also expressed optimism about expanding their Open Banking business, aiming to streamline payments for individuals and businesses across the UK. Lastly, they highlighted the company's eagerness to establish further relationships through the DPS framework to achieve these objectives.
In March 2024, UK-based Lloyds Bank entered into a partnership with British payments company PayPoint Group to become its main card acquiring partner. On 20 March 2024, PayPoint announced that this expanded collaboration is anticipated to launch fully in the third quarter of the year.
According to PayPoint, this agreement will involve a substantial investment into Lloyds' card payments division, Cardnet. The partnership aims to provide merchants with enhanced banking and card services, which will include card payments and a 12-month fee-free Lloyds business account, among other benefits. PayPoint stated that this initiative is geared towards improving support for its small business and retailer customers.
In November 2023, PayPoint expanded its partnership with UK-based Yodel and Vinted in the Collect+ network. The collaboration focused on the UK's main out-of-home parcel collection, drop-off, and delivery service, following the growth in high demand for previously owned fashion, with consumers making more sustainable choices and greener delivery services. Thus, the expansion aimed to increase the number of transactions processed through the Collect+ Store-to-Store service and to streamline the consumer experience across the UK.
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