Elavon collaborates with NuaPay for Open Banking solutions

Under PSD2 regulation in Europe, Open Banking enables consumers to share their data and make instant payments from their bank through licensed and accredited providers. Recently released figures by the Open Banking Implementation Entity (OBIE) in the UK reported that customer use of Open Banking in the UK has doubled in the past six months, surpassing the one million customer mark for the first time. Consumers benefit from Open Banking by having access to a wider range of financial services, money management tools and a personalised customer experience when making purchases, made possible through the sharing of data that’s only previously been seen and used by their bank. 

As well as providing the ability for businesses to offer more tailored solutions to their consumers through Open Banking journeys, the Nuapay agreement will also enable consumers to make online payments to merchants without needing a card. Elavon’s merchants will benefit from faster receipt of funds and be able to provide their consumers with more choice and flexibility in how they pay. 

Nuapay is an Account-2-Account payment solution provider. Together with its parent company, Sentenial, it is a payment processor for banks, PSPs and merchants.