Nuapay Earns Finalist Status in Two Categories at Pay360 Awards

Nuapay is honoured to announce its selection as a finalist in two categories at the prestigious Pay360 Awards 2024, reaffirming its dedication to innovation and excellence in the financial services sector. With a 20-year history of pioneering solutions, Nuapay continues pushing the payments industry’s boundaries.

Nuapay has been recognised in two awards categories:

1. Best Financial Inclusion Initiative, in collaboration with OneBanx, aimed at expanding access to banking services for underserved communities and SMEs.
   
2. Best Open Banking/A2A Initiative, highlighting its unique Authenticated Mandates product designed to enhance security and efficiency in Open Banking-powered Direct Debit transactions.

OneBanx Uses Open Banking to Power Financial Inclusion

The partnership with OneBanx signifies a major advancement in making banking services accessible to all. Utilising Nuapay’s technology, OneBanx has been able to deliver essential financial services in areas lacking traditional banking infrastructure. This initiative empowers individuals and advances the broader goal of financial inclusion during a period with significant numbers of bank closures. OneBanx’s services are particularly beneficial for small and medium-sized enterprises (SMEs), providing them with convenient access to deposit their cash takings. This solution addresses a critical need for SMEs, helping them manage their finances more effectively.

The Authenticated Mandates Solution

Nuapay’s Authenticated Mandates leverages Open Banking to retrieve and auto-populate bank details from consumers’ mobile banking app through an Open Banking PISP or AIS call. This means that consumers can approve the recurring or instalment payment schedule in a few clicks. In addition to the seamless customer experience merchants also benefit from reduced fraud risk, and reduced checkout abandonment. The Authenticated Mandate sign-up process is available for all future-dated collection scenarios making it perfect for subscriptions.

CEO of Nuapay, Brian Hanrahan, expressed gratitude for the recognition, stating: 

Nuapay firmly recognizes the importance of cash transactions, particularly considering the closure of 5,668 bank and building society branches since January 2015 (Which?).

Ruwani Hewa, Product and Propositions Director at Nuapay commented:

‘Nuapay has forged a partnership with OneBanx to deliver the essential Open Banking and account-to-account payment technology required to seamlessly link consumers and businesses with their banks. We are highly pleased with the progress being made to benefit OneBanx’s customers.

Javed Anjum, CEO of OneBanx, added:

The nomination alongside Nuapay underscores our joint commitment to promoting financial inclusion. Together, we strive to make meaningful contributions to a more accessible financial landscape.

Nuapay extends its congratulations to all nominees at the upcoming Pay360 Awards.

Explore the partnership with OneBanx here.

Discover more about Authenticated Mandates here.

For further details on the 2024 finalists, visit the Pay360 Awards website here.