The product aims to create a simplified, instant experience for both the consumer and the merchant, making use of the smart technology of SOTpay and Nuapay alike, which resulted in an extensive package that looks to address the convergence of physical and digital channels for businesses.
Real-time payments, with the transactions being processed in an instant and simplified manner.
Increased security, as leveraging Open Banking APIs helps verify compliance of transactions.
Improved convenience, with customers being enabled to carry out payments no matter the time and place, with fewer clicks than when compared to traditional methods.
When talking about Nuapay’s past developments centring on Open Banking, the company made public several collaboration announcements throughout 2022 that sought to help expedite its adoption. The most recent one marks the December 2022 collaboration with phos, a SoftPoS orchestration for businesses, following which the latter added Open Banking as a payment option to its software-only payment acceptance solution and enabled its partners to provide instant bank transfers within its SoftPoS application for merchant customers.
Nuapay’s Open Banking capabilities were announced to have been integrated within UK-based Cardstream and provided for the latter’s online merchants in October, preceded by the news of the complete payments ecosystem Pay 360 at the end of September, which provided its customer base with real-time account-to-account (A2A) payment capabilities. What is more, Nuapay was among the companies announced to be taking part in the Open Finance Association (OFA) which looked to continue opening financial data and payments through API tech.
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