Brisbane fintech EML Payments (ASX: EML) has released a white-label digital wallet giving lenders and other fintechs great access to Open Banking as part of the Consumer Data Right.
The digital wallet, Nuapay, combines Open Banking with personal finance management and payments in a customisable solution digital solution, in a partnership with fellow fintech Frollo.
Nuapay is the open banking brand of Irish open-banking platform Sentenial, which EML announced last month it was acquiring for €70 million (A$108.6m), plus an earn-out component of up to €40 million (A$62.1m).
Nuapay specialises in the account-2-account (A2A) payments sector in Europe and the acquisition gave EML access to Europe, turning it into a major global player and one of the largest independent fintech enablers in Open Banking and prepaid, processing more than A$90 billion in Gross Debit Volume.
EML group chief product officer Sarah Bowles said Nuapay gives clients the ability to choose between a no-code, low code and fully customisable API solution.
”The EML team is excited to partner with Open Banking leader, Frollo, in the payment revolution shaking up the financial industry,” she said.
“We’re on a joint mission to remove friction, help consumers feel better about money and help the FinTechs driving this revolution to scale quickly and globally.”
Nuapay’s key features include:
- Instant cash: Using Open Banking data and EML’s virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes, eliminating costly and highly manual human-led checks with traditional providers.
- Money management: A market-leading banking app, including personal finance management features.
- Emergency buffer: The ability to quickly go back and turn a transaction into an instalment loan.
- Spend controls: Using AI transaction categorisation to control spend in real-time and place budget caps for specific money buckets.
EML Payments operates in 26 countries in North America, Europe and Australia.