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:
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