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Open Banking opens the doors to in-person banking during a year with the most bank branch closures in decades.
OneBanx, a financial technology startup, embarked on a mission to address the challenge of maintaining access to cash for millions of people and businesses in the UK. Despite the closure of 5,668 bank and building society branches since January 2015 (Which?), cash transactions have remained crucial. To create a cost-effective solution, OneBanx partnered with Nuapay in 2020 and has kept up with Onebanx’s evolving needs. This case study delves into how Nuapay’s Open Banking services enabled OneBanx to revolutionise the handling of cash transactions across multiple banks.
The Challenge
OneBanx’s main focus is to deliver accessible and cost-effective banking services, particularly targeting underserved communities, such as those in rural areas or with limited access to traditional banking.
OneBanx aimed to facilitate cash transactions securely and efficiently across various banks from their new style ATMs, ensuring continued access to cash while reducing costs.
Nuapay’s Contribution: Nuapay provided OneBanx with a comprehensive Open Banking service, supporting cash withdrawals and account information. They also offered an interface for credit transfers and a holding account for managing temporary funds during cash transit from kiosk locations.
The project commenced in 2020, went live in 2021, and is continually growing to meet evolving needs.
Learn more about OneBanx’s social mission here
Why Nuapay
OneBanx selected Nuapay as their preferred partner due to Nuapay’s ability to provide an end-to-end solution, including Open Banking technology, licenses, credit transfer APIs, and a holding account. Furthermore, Nuapay acted as a trusted advisor to the fintech startup, providing invaluable guidance and support.
The Solution
OneBanx partnered with Nuapay to overcome these challenges and create a new way to handle cash transactions. Nuapay’s Open Banking services allowed OneBanx to develop a network of kiosks where customers can withdraw cash from their bank accounts without having to visit a bank branch.
OneBanx kiosks use Open Banking to connect directly to customers’ bank accounts, allowing for secure and instant cash withdrawals. The kiosks also offer a variety of other features, such as account information and credit transfers.
Open Banking payments enable customers to make direct payments from their bank accounts, eliminating the need for credit or debit cards. This simplifies payments, enhances convenience, and bolsters fraud prevention.
Results
Key Outcomes: The collaboration between OneBanx and Nuapay led to the deployment of several OneBanx kiosk pilots across the UK, allowing for efficient cash transactions. To date, the project has processed £2.5 million worth of transactions.
Measurement and Evaluation:
- £2.5 million transaction value
- 15,800 transactions
- Nearly 3,000 customers served.
The success of the project is measured through transaction count and footfall, with impressive results.
These metrics are derived from an average of four live kiosks spread across seven tested locations.
Conclusion
The partnership between OneBanx and Nuapay exemplifies how Open Banking can address industry-specific challenges and drive innovation. By leveraging Nuapay’s comprehensive Open Banking solution, OneBanx achieved significant results in transforming cash transactions, enabling efficient access to cash across multiple banks while minimising operational costs. The project continues to evolve, promising a brighter future for cash transactions in the UK.
