Nuapay shortlisted for European Central Bank Instant Payments Challenge

Next month the Nuapay team will be travelling to Frankfurt to take part in the European Central Bank (ECB) Instant Payments Challenge.

Nuapay has been shortlisted to present its e-commerce solution which is based on Open Banking and SEPA instant payments. The Open Banking solution uses App to App linking to launch a Mobile Banking App on the consumers mobile device, for payment approval.

The solution offers the benefit of instant receipt of payment by the merchant, reduced costs due to lower card fees, reduced fraud risk and secure, user-friendly shopping experience for the consumer.

Following the launch last year of TIPS (Target Instant Payments Settlement), the ECB launched the Instant Payment Challenge to build momentum and help banks take on the growing popularity of digital, contactless payment services offered by big tech firms such as Apple, Google, Amazon and Alibaba in China.

Nuapay, part of the Sentenial group of companies, is a licensed Payment Institution and provides payment and associated services to business of all sizes as well as supporting major banks, PSPs and merchant acquirers. Its platforms process over €42 billion each year.

The way people pay and bank is changing – watch our Open Banking video.

To learn more about Open Banking, read our blog: Open Banking – Changing The way We Pay