EML Open Banking Expands Into 20 New Countries To Complete Its Coverage Of Europe
Nuapay (EML Payments Limited's (ASX: EML) Open Banking business), is now connected to banks in another 20 countries in Europe, becoming one of the first open banking operators to provide complete connectivity across the Eurozone and expand into Eastern Europe and non-Euro Nordics.
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Nuapay completes its Open Banking coverage of Europe, which has the potential to reach 420 million people. (Photo: Business Wire)
Nuapay's connectivity reaches 2,250 banks in 28 countries across Europe, with the potential to reach 420 million* customers through its world-class banking platform. Newly connected countries include Austria, Czech Republic, Estonia, Finland, Romania, Slovenia and Sweden.
''We're delighted to grow our open banking presence in Central and Eastern Europe and Scandinavia and for Nuapay to emerge as one of the only providers with an expansive Europe-wide reach,'' said Brian Hanrahan, CEO, EML's Nuapay Business Division.
At the end of 2021, open banking front runner, the U.K., experienced a 500% increase in open banking payments in 12 months.* Also in the U.K., 70%* of lenders expect to use open banking within the next two years, a surge from the present 26%.
EML's unique offering powers card issuing, payment accounts, open banking, payouts and direct debits under one roof to help exceed the expectations of businesses seeking more value from payments. Its one-stop-shop pproach has proven particularly attractive to B2B (Business-to-Business) companies who need to issue money and collect payments in e-commerce, BNPL (Buy Now Pay Later) and lending.
Additionally, Nuapay, an Account-2-Account payments pioneer with 18 years of experience, enables both open banking payments and data sharing and is a direct member of U.K. Faster Payments and an indirect participant bank in the SEPA Instant payment network, giving it industry-leading real-time payments capabilities.
Meet our team at Money 20/20 Europe in Amsterdam, The Netherlands from June 7-9 at stand E32.
About EML Payments and Nuapay
Wherever money is in motion, EML helps businesses create awesome payments experiences for their customers. Our technology powers the payments process, moving money quickly, conveniently and securely while our programme management expertise creates superior configurable, feature-rich payments solutions.
Nuapay is EML's market-leading Open Banking business. Direct Debit, Credit Transfers and Instant Payment products are also available through one single 'bank-grade' platform, easily accessible through industry-leading APIs. Businesses and their customers benefit from the immediacy of Open Banking and account-2-account payments and can save time, money and resources at every turn. This is payments as it should be.
For more on Nuapay visit the website here.
*Banking population in Europe in 2019, by country, Statista, Mar. 8th, 2022 https://www.statista.com/statistics/944142/banking-population-in-europe-by-country/
*5 million users - open banking growth unpacked, The Open Banking Implementation Entity (OBIE), Feb. 24, 2022 https://www.openbanking.org.uk/news/5-million-users-open-banking-growth-unpacked/
*Survey says open banking will spread rapidly among U.K. lenders, Dec 13, 2021, Insider Intelligence.