Nuapay brings Open Banking to 190M French accounts
- Open Banking
- 29.07.2020 11:30 am
Open Banking pioneer Nuapay, a Sentenial company, today announces it has extended its Open Banking capabilities to French banks. Nuapay is now connected with 55 banks operating in France, enabling efficient and secure payments from 190 million French bank accounts. Nuapay’s French merchants will now be able to accept instant payments via Open Banking from customers, delivering merchants and consumers the benefit of a fast and secure payment method.
France hosts one of the most dynamic fintech markets in the world, with the region’s POS and ecommerce alone expected to grow to a value of US $988 billion by 2022*. Nuapay’s service integrates banks including Caisses Régionales du Crédit Agricole, Caisse d’Epargne / Banque Populaire, La Banque Postale, Société Générale, BNP Paribas, Crédit Mutuel, LCL, and Crédit Mutuel Arkéa to initiate payments instantly via Open Banking. This means that Nuapay’s merchants, or those connected via its many partnerships with PSPs, can accept and make SCA compliant payments, without being charged the significant fees associated with card schemes.
With 55 banks connected, Nuapay is expected to reach an estimated 91.5% of all French payers. Nuapay’s licensed solution, enables customers to transfer payments directly from their bank account to merchants, who receive funds instantly. The solution can be used online for e-commerce, in-store through QR code payments, and even for in-app ordering - which has become increasingly important for retailers throughout the COVID-19 pandemic.
Nuapay is one of the only European PISPs with a fully inclusive payment solution, a complete “initiate & collect” scope, which supplies merchants with all features expected of a modern payment method: refunds, recurring payments, instalment plans, and full reconciliations. These are all available through one payment hub, enabling corporates to leverage industry leading APIs for seamless integration into a range of platforms and systems.
Pierre Delmotte, Business Development Manager, responsible for the European market said: “This is a tremendous opportunity for French merchants looking for a faster, smoother and more cost effective payment solution. Access to our Open Banking platform, through easy to use APIs, will allow ecommerce and POS retailers to save time and resources, as well as broaden their service offerings to include subscriptions, instalment plans and instant refunds.”
Nuapay is currently extending its Open Banking coverage across Germany, Italy, Spain, the Netherlands, Belgium, and Ireland.
* Worldpay Global Payments Report, November 2018