What are the Benefits of Open Banking?

Open banking solutions offer a new way to pay and get paid quickly and securely with minimal effort. Third party financial service providers use APIs to access financial data from banks and other financial houses meaning a reduced risk to consumers and businesses.

What Are the Benefits of Using Open Banking?

Using an open banking solution offers a range of unique benefits to both the customer and the business receiving payments.

Open Banking Offers Fast Payment Processing

Open banking offers an attractive payment solution to new and growing businesses by offering faster payment processing than standard payment practices. Customers pay directly for products and services in real time, with no card details necessary and no routine data entry. This agile banking system is a futureproof way to take payments and make payments quickly, helping your business scale at speed and keep your view of finances up to date at all times.

Open Banking is Secure

Open banking is a highly secure way for your business to take payments. Customers do not disclose their card details, account details or credentials to the merchant, meaning there are no PCI or DSS requirements. Instead they connect securely using their online bank portal or mobile banking app in the same way they would if making a bank transfer.
Open banking API endpoints have been thoroughly tested and are as secure as standard online banking, and only the end user can authorise transactions.

To be authorised by the Financial Conduct Authority (FCA), open banking API providers must pass stringent testing in order to be registered as being Strong Customer Authentication (SCA) compliant. Fully SCA compliant payment methods help to reduce fraud and chargebacks, as well as build trust with customers by showing you are serious about security.

Open Banking is Cost Effective

Open banking offers a simple, cost effective payment solution for one low cost fee and no additional charges. With Nuapay there is no charge on failed or declined transactions, and no chargebacks.
There are also no physical copies of bank statements, receipts or other financial paperwork, and fewer administrative costs helping to keep costs low.

Open Banking Offers Easy Integration

Nuapay offers a hosted payment page for your business, with PSP and merchant level APIs. Our dedicated Nuapay Developer Hub, comprehensive resources, and support available at every step ensure a smooth integration process to any website or bespoke application. Nuapay offer a unique open banking API solution with the flexibility and capability to grow with your business.

Open Banking is Flexible

Open banking APIs open up the benefits of financial digital transformation to every business that utilises it. Whether your business takes one off payments, regular debits, installment plans, subscription fees or all of the above, open banking is built for you.

Regular payments can be set up in one click, and webhooks confirm the customer’s payment status at every stage.

Open Banking Offers Innovative Financial Reporting & Money Management

Open banking APIs offer real time financial reporting tools and up to date payment records in a better way. Get better banking reports and full reconciliation files at the touch of a button, and actionable insights into your business finances and consumer payment behaviour. With real time payments through the Nuapay API, you’ll always be able to see a clear picture of your finances.

Open Banking Offers a Great Customer Experience

Open banking offers a superior user experience, helping to increase customer satisfaction and revenue.
The speed and ease of use of an open banking solution is an attractive offering to potential customers, as well as the high level of control and security. Open banking provides a fast, frictionless, and secure mobile first solution for users on the go, and allows them to check and control their finances in seconds.

Nuapay also keep the customer up to date with relevant notifications for payment send status, funds received confirmation, and failed payment alerts.

Open Banking is a Complete Payment Solution for Business

Unlike competitor products, using Nuapay’s Open Banking solution, merchants get complete payment functionality and all the features expected of a modern payment method. Refunds, recurring payments, instalment plans, and full reconciliations, are already part of our solution.

In summary, utilising an open banking solution to take payments offers a range of benefits over more traditional payment methods, and make processing payments faster, more secure, and more cost efficient than ever before.

Speak to our experts about how open banking can help you offer secure, efficient payment solutions to your clients, for a low fee and complete peace of mind.

Nuapay is the industry’s leading provider of Account-2-Account payment solutions. Building upon the trust, scale, and experience of our parent company Sentenial – who securely process over €42bn every year as an outsourcing provider to many of the world’s leading banks – we work tirelessly to reinvent what’s possible from open banking.

Today, we offer partners all around Europe the world a fully comprehensive, integrated payment solution that removes all traditional banking inefficiencies and unnecessary costs, saving you time, money and resources at every turn. This is banking as it should be.

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