EML Payments Expands Open Banking Business to 20 New Countries

Nuapay, EML Payments Limited's Open Banking business, has connected to banks in another 20 countries in Europe.

Nuapay's connectivity reaches 2,250 banks in 28 countries across Europe, with the potential to reach 420 million customers through its banking platform. Newly connected countries include Austria, Czech Republic, Estonia, Finland, Romania, Slovenia, and Sweden.

At the end of 2021, Open Banking front runner, the UK, experienced a 500% increase in Open Banking payments in 12 months. Also in the UK, 70% of lenders expect to use Open Banking within the next two years, a surge from the present 26%.

EML's offering powers card issuing, payment accounts, Open Banking, pay-outs, and direct debits under one roof to help businesses seek more value from payments. Its one-stop-shop approach has reportedly proven attractive to B2B (Business-to-Business) companies who need to issue money and collect payments in ecommerce, BNPL (Buy Now, Pay Later), and lending.

Additionally, Nuapay, an account-to-account payments pioneer with 18 years of experience, enables both Open Banking payments and data sharing and is a direct member of UK Faster Payments and an indirect participant bank in the SEPA Instant payment network.

(Source: The Paypers)