Elavon has announced a collaboration with Nuapay, the London-based subsidiary of payments specialists Sentenial, to provide selected open banking solutions to Elavon customers.

Under PSD2 regulations in Europe, open banking enables consumers to securely share their data and make instant payments from their bank through licensed and accredited providers. 

Open banking allows consumers to benefit from a wider range of financial services, including money management tools and a personalised customer experience when making purchases, made possible through the sharing of data. 

Hannah Fitzsimons, Executive Vice President and General Manager of Elavon Europe commented: “Open banking is rapidly growing in adoption across the payments and financial services industries so we’re pleased to offer these capabilities to our customers. Our relationship with Nuapay will allow merchants to provide customised, fast and secure payments seamlessly to customers.”

It also gives businesses the opportunity to elevate and personalise their offering with more tailored solutions to their consumers through open banking journeys, the Nuapay agreement will also enable consumers to make secure online payments to merchants without needing a card. Elavon’s merchants will benefit from faster receipt of funds and be able to provide their consumers with more choice and flexibility in how they pay.

Sean Fitzgerald, CEO of Sentenial added: “Merchants can use new Open Banking solutions to transform the way they engage with and accept payments from their customers. With it, businesses have the potential to gain cost savings, speed improvements as well as security benefits. We’re delighted that the Nuapay agreement with Elavon will bring the benefits of open banking to their significant customer base across the UK and Europe.”