From: FinTech Global
The UK Government Crown Commercial Service has selected PayTech company Nuapay to join its Payment Acceptance Framework.
The FinTech venture said this, as well as the other companies joining the framework, will empower public sector organisations to benefit from accepting open banking payments through Payment Initiation Services for the first time. And these organisations will be abel to do so with minimal friction while ensuring compliance with security and data privacy regulations including Strong Customer Authentication (SCA), the part of the EU’s Revised Payment Service Directive (PSD2) that forces businesses to prompt for two-factor authentications from customers doing digital payments.
“This is excellent news for the adoption of open banking payments,” said Brian Hanrahan, chief commercial officer of Sentenial, Nuapay’s parent company. “Already this year, the number of UK consumers using open banking passed the one million milestone. As large public sector organisations begin accepting open banking payments, the cost and security benefits to consumers and businesses will become more visible and adoption will further increase.”
Copyright © 2018 RegTech Analyst
