International payment service provider and direct bank card acquirer, ECOMMPAY, today announced it is partnering with open banking solutions provider, Nuapay, to enable better payouts to EU and UK bank accounts, and access to SEPA — the Single Euro Payments Area — an EU initiative to improve payments across the Eurozone.
Using Nuapay, ECOMMPAY will allow merchants with access to have a pre-funded (EU and GBP currencies) sub-account under ECOMMPAY, meaning the end-user customer can clearly identify the merchant when receiving funds from a payout or refund. The feature will consolidate multiple payment methods to make reconciliation processes easier and faster for the merchant, and will minimise bank charges by pooling multiple fund settlements into one daily transfer to the merchant; maximising their profits and enabling better control of their funds. The solution is fully integrated within ECOMMPAY’s portal through API calls to Nuapay, and webhook notifications allow ECOMMPAY to track end-to-end payment events, providing a fully managed reconciliation and payout service to merchants.
In the coming months, Auto-Payouts will be enabled automatically without the merchant requesting bank details from their customers. It will do this by using the customer’s bank details from an original Open Banking payment, minimising any data risks for ECOMMPAY and its merchants and eliminating fraud risks.
The new solutions are currently live in Austria, Belgium, France, Germany, Hungary, Italy, Latvia, Lithuania, the Netherlands, and the UK. More countries will be available soon.
Paul Marcantonio, Executive Director UK & Western Europe at ECOMMPAY, commented: “As ECOMMPAY continues to reach new markets across Europe and expand its offerings in the race to bring customers superior Open Banking solutions, partnering with Nuapay was the natural next step. Post-Brexit cross border card payments are set to be at least 100% more expensive, this will lead to a great trajectory in growth for Bank2Bank payments such as Open Banking. Bank payment initiated transactions will also help to improve transaction times, reduce fraud risk, reduce the burden of PCI compliance and will ultimately create a better, faster customer payments experience across the UK and Europe. ECOMMPAY strives to build payment resilience and innovation so our merchants can stay one step ahead and embrace smarter technologies.”
The news comes after ECOMMPAY launched its open banking payments system in the UK in September 2020, and expanded it to Europe in December.