Nuapay launches open banking platform in Italy and Germany

Nuapay has rolled out open banking payment services in Germany and Italy as part of its strategy to grow its business in Europe.

The British payment fintech said that the launch will enable its partners in both the countries to offer seamless account to account payment services for their customers.

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Nuapay has connected with 308 banks in Italy, covering 98% of Italian payers and 435 banks in Germany, covering 70% German payers.

Nuapay director Nick Raper said: “Enabling access to secure and efficient Open Banking payments within Germany and Italy comes at an opportune time as the pandemic puts the final nail in the cash-coffin. Access to Nuapay’s Open Banking connections, via our platform, will allow businesses to avoid high card payment fees and deliver more secure payment options to customers.

“As Nuapay is one of the only Open Banking providers with a fully inclusive payment solution, including integrated money movement, refunds, recurring payments, instalment plans and full reconciliations, partners are empowered to deliver innovative payment experiences to customers, and expand their service offerings.”

Earlier, Nuapay has launched this service in the UK and France and covers approximately 90% of payers in those markets.

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Launched by Sentenial in 2015, Nuapay also announced its plans to roll out its services in Spain in the coming months.

Nuapay stated that it has secured a second EU Payment Institution licence from the ACPR, French banking regulator, which enables it to offer its services to over 1,000 EU clients of the post-Brexit world.