Elavon, Nuapay partner in U.K. to deliver cardless online payments
Following the lead of open banking regulation in Europe, payments technology provider Elavon is working with Nuapay in the U.K. to provide account-to-account payment setups for its merchant clients.
The collaboration between Elavon, a unit of US Bancorp, and Nuapay, a unit of Sentenial, will enable businesses to offer different payment options to customers, including making secure online payments to merchants without needing a payment card. Those payments would instead come directly from a consumer's account to the merchant account.
Under PSD2 regulation in Europe, open banking enables consumers to securely share their data and make instant payments from their bank through licensed and accredited providers. Elavon cited Open Banking Implementation Entity figures in the U.K., which show that customer use of open banking has doubled in the past six months, surpassing the 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 personalized customer experience when making purchases, made possible through the sharing of data that’s only previously been seen and used by their bank.
“Open banking is rapidly growing in adoption across the payments and financial services industries so we’re pleased to offer these capabilities to our customers,” Hannah Fitzsimons, executive vice president and general manager of Elavon Europe, said in a Tuesday press release. “Our relationship with Nuapay will allow merchants to provide customized, fast and secure payments seamlessly to customers.”
Nuapay, as an account-to-account payment provider through Sentenial, securely processes over €40 billion in payments annually for its bank, payment service provider and merchant clients.
“Merchants can use new open banking solutions to transform the way they engage with and accept payments from their customers," Sean Fitzgerald, CEO of Sentenial, said in the release. "With it, businesses have the potential to gain cost savings, speed improvements as well as security benefits.”