Open Banking is an initiative driven by governments across the EU to open the banking sector to allow smaller Financial Technology companies to compete with traditional banks and in so doing offer end users much better value and innovation in the market.
We offer Open Banking through Nuapay as an additional payment method that is available to all Merchants.
Using Open Banking, customers can initiate a payment to a merchant using their mobile banking app or online banking web portal, in the same way that they would pay with a bank transfer. The Merchant will receive the money in real-time.
All transactions created with this payment method will appear in the Merchant Management System (MMS).
Benefits of Open Banking
- Open Banking charges are much lower than a card payment.
- Added confidence that the payment is secure as the actual authorisation takes place on the user’s online banking portal.
- Quicker and more secure than card payments.
- Settle quicker than cards (instantly compared to 1-3 days).
- Convert up more transactions than cards, Open Banking transactions are designed for digital and for mobile, the process is less manual and payment success rates are higher.
We offer two payment methods within the Nuapay Alternative Payment Method: Pay Now and Instalments (Coming soon).
Customers pay by bank transfer, sending funds directly from their bank account to the merchant. Customers can also process refund sales through Nuapay (See section 3 of the Integration guide for more details).
- Merchant’s must contact Nuapay firstname.lastname@example.org and ask to be set up under the Cardstream Partner.
- Once the Merchant has been created under the Cardstream Partner, Nuapay will contact Cardstream and provide the encoded Merchant ID. Partner Support will use the encoded Merchant ID to create a Merchant Account. Merchant Accounts can be grouped together through your preferred Merchant Account using the MMS or as described in the Integration guide Section A-7.
- A merchant can use our Hosted or Direct Integrations to launch the flow (See section 25 of the Integration guide for more details).
Hosted or Direct Implementation
Implementation of the Nuapay payment method is different depending on if a Merchant is using a Hosted or Direct integration.
If a transaction is sent to the Hosted Integration using a merchantID that is part of a routing group containing a Nuapay Merchant, then the Hosted Payment Page will display a Nuapay payment button, which when clicked will open the Nuapay Checkout and allow the Customer to pay using direct bank to bank transfers.
If a transaction is sent to the Direct Integration the browser must be redirected to the Nuapay checkout as part of the payment flow. The payment request must also include the URL of a page on your server to return to when the Checkout is closed (See section 25.4 of the integration guide for more details).
How does a cardholder process a transaction?
If a transaction is sent to the Hosted Integration the user launches the flow when they access the Hosted Form. The steps are outlined below.
1. Click the Nuapay button
2. The user must select the bank they wish to make a payment from.
3. The user will be redirected to their banking app or online banking web portal. The user must login and select the account they wish to make a payment from.
4. A summary page will appear for you to verify details and complete the payment.
5. On checkout completion the users will be redirected to the Merchant website.
There are two methods of refunding a Nuapay Open Banking transaction, one of which is through the MMS. Opening the Transactions tab in the MMS and selecting REFUND SALE from the transaction action dropdown will begin the process of refunding a transaction.
The other method of processing a refund is sending a payment request to the gateway using the direct integration with the REFUND_SALE action (detailed in section 3 of the Integration guide).
Nuapay Transaction State
We have mapped the Nuapay transaction statuses to our default Cardstream transaction states. Please see the table below.
|Cardstream Transaction State||Nuapay Status|
Instalments (coming soon)
Planned for Q1 of 2023