EML's Nuapay Signs Milestone Contract Bringing Open Banking To Local Government And eCommerce Sectors In The UK

Nuapay (EML Payments Limited’s (ASX: EML) Open Banking business) extends its open banking payments services to Pay360.

LONDON, September 26, 2022--(BUSINESS WIRE)--Nuapay's innovative and fully customisable open banking and real-time account-to-account payment capabilities will give Pay360's customers access to cutting-edge payment technologies across all of its gateway connections.

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Nuapay has extended its open banking payments services to Pay360. (Photo: Business Wire)

Pay360 is a proud market leader for public sector payments – used by more than 60% of Local Authorities across the U.K.1 Pay360 also works closely with private sector clients across multiple industries, with Independent Software Vendor (ISV) customers in retail and e-commerce, hospitality and gaming.

The impact of the pandemic has created a significant shift towards digitalisation, forcing more businesses to move their services online. In fact, in January, HM Revenue and Customs revealed that it had accepted £2.5 billion in payments since launching open banking, heralding a new wave of payments innovation.2

The partnership between Nuapay and Pay360 will enable Local Authorities and private sector clients to offer their customers the option to make frictionless, instant payments through the Nuapay-powered payment solution. Customers will now have complete control of their finances, allowing them to check balances before payments are made. The new offering will also bring about higher levels of security as customers will no longer have to expose sensitive details such as card details when making payments. Further benefits include the removal of PCI Compliance and the potential for significant cost savings.

Pay360 processes over 141 million transactions every year, valued at over £8.6 billion.3 EML is proud to be chosen by Pay360 after a rigorous evaluation of potential providers to power its open banking and real-time account-to-account payment needs.

''Today, millions of organisations and consumers are using open banking services to manage their finances. Our partnership with EML will accelerate public sector adoption of open banking, which allows for a high level of customer engagement and ensures consumer data is protected. Furthermore, it enables organisations to be paid in real-time, lowers costs, reduces fraud risks and improves reconciliation, all while offering customers a frictionless payment process,'' said Stephen Ferry, Managing Director at Pay360.

''We're working with one of the biggest payment service providers of its kind in the U.K. Embedding innovative open banking payment solutions into Pay360's core business is yet another proof point that open banking is accelerating the future growth of payment technologies and becoming ubiquitous with seamless payment experiences. We're incredibly excited to work with such a respected leader in driving this adoption forward,'' commented Brian Hanrahan, CEO Nuapay.

The benefits of a better way to pay and get paid using Nuapay open banking solutions:

  • Secure way to pay with Open Banking Payment Initiation (PISP), reducing fraud risk and creating end-to-end transparency

  • Faster way to pay with access to cash flow

  • More seamless payment experiences with faster refunds for customers

  • Trusted user experience with fast biometric payment options made available between merchant checkout and consumer banking apps

About Pay360

Pay360 is part of Capita plc and one of the UK’s largest independent payments providers, helping businesses to offer seamless payment experiences across all payment channels. Its wide-ranging payments ecosystem enables both public and private sector clients to securely transact over £8.6 billion every year. From card payments, digital, omnichannel payments, telephone and mobile payments, Pay360’s services are underpinned by industry-leading security, including bespoke fraud and ID verification platforms. On 16 September 2022, Capita announced its agreement to sell Pay360 to Access PaySuite, a division of The Access Group. Further information can be found at https://www.capita.com/news/capita-agrees-sell-payments-processing-business-pay360

Further information on Pay360 can be found at https://www.pay360.com.

About Capita

Capita is a consulting, transformation and digital services business. Every day our 52,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between government and citizens, businesses and customers. We partner with our clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best, and making people’s lives easier and simpler. We operate across three divisions – Capita Public Service, Capita Experience and Capita Portfolio – in the UK, Europe, India and South Africa. Capita is quoted on the London Stock Exchange (CPI.L). Further information can be found at: http://www.capita.com

About EML Payments and Nuapay

Wherever money is in motion, EML helps businesses create awesome payments experiences for their customers. Our technology powers the payments process, moving money quickly, conveniently and securely, while our programme management expertise creates superior configurable, feature-rich payments solutions.

Nuapay is EML's market-leading Open Banking business. Direct Debit, Credit Transfers and Instant Payment products are also available through one single 'bank-grade' platform, easily accessible through industry-leading APIs. Businesses and their customers benefit from the immediacy of Open Banking and account-2-account payments and can save time, money and resources at every turn. This is payments as it should be.

For more on EML visit the website here or check out other recent media in the Newsroom here

For more on Nuapay visit the website here

Sources:
1 Figures supplied by Capita
2 Global Government Fintech, August 30th, 2022 https://www.globalgovernmentfintech.com/hmrc-open-banking-rollout-takes-in-24-more-tax-types/
3 Figures supplied by Capita

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005189/en/

Contacts

Press Relations:

Sarah Bowles, Group Chief Digital Officer
sbowles@emlpayments.com
+61 439 730 968

Marie O’Riordan, Global Director of Public Relations
marie.oriordan@emlpayments.com
+353 87 39 333 71