EML’s Open Banking Business Partners With Praxis Tech
EML's open banking business, Nuapay, has partnered with Praxis Tech (Praxis) to power the delivery of open banking and account-2-account payments to Praxis’ clients across Europe.
90% of fintechs(1) cite enhanced customer experience as key to their competitive advantage, and this integration will enable Praxis’ clients to continue to differentiate in a rapidly evolving competitive landscape. Praxis’ customers will have access to faster, safer and seamless payment solutions.
One key segment that Praxis serves today is the trading market, which has grown rapidly, with the number of users actively trading increasing by over 30% per annum(2). This partnership will allow Praxis to provide users with an enhanced experience to better take advantage of trading opportunities.
Praxis’ integration with Nuapay’s proprietary open banking technology and industry-leading instant cardless payment solutions will be available to all of Praxis’ European customers.
With Praxis already live in the market, Nuapay has added to its existing Payment Service Providers (PSPs) network, including Worldpay, Visa’s CyberSource, Nuvei and more.
Praxis is a world-leading payment technology integrated with over 450 PSPs(3), making it one of the most comprehensive PCI DSS Level 1 compliant platforms currently in the market. Its omnichannel gateway aims to streamline the payment experience and optimise payment architecture. Nuapay brings the advantages of open banking payments to the flagship Praxis Cashier product.
“Solid partnerships help fuel growth in open banking. This partnership with Praxis delivers market-leading payment solutions to their customer base, demonstrating once again their impressive ability to take advantage of innovations and respond to their customers’ needs,’’ said Brian Hanrahan, CEO, EML’s Nuapay Business Division.
EML does not expect the programme with Praxis to make a material contribution to EML Group’s revenue or EBITDA in FY23; however, the win validates EML’s strategy of focussing on open banking and account-2-account payments and the acquisition of Sentenial Group, which includes Nuapay, and provides an opportunity for material future growth.
Open banking’s exponential growth:(4)
• The value of global payment transactions facilitated by Open Banking to exceed US$116 billion in 2026;
• The figure was just US$4 billion in 2021;
• Europe will account for over 75% of Open Banking payments users globally in 2026;
• Extraordinary growth of more than 2,800% over the next 5 years will be driven by increasing user awareness of Open Banking features, supported by greater deployment within Europe;
• Open Banking-facilitated payments, where payments are made directly from bank accounts, are a growing threat to the dominance of cards within eCommerce;
• 90% of fintech companies cite enhanced customer experience as key to their competitive advantage;
About Praxis Tech
Praxis is a leading payments technology provider working to help companies expand their operations globally through better-orchestrated payments. Headquartered in Cyprus, Praxis works with hundreds of global brands across a wide range of industries. Its suite of products: ‘Cashier’ and ‘Direct’ for Merchants, and ‘GT’ for Payment Service Providers (PSPs), are designed to overcome high-risk processing challenges, increase approval rates and boost volumes. Praxis offers powerful solutions for both merchants and PSPs. Praxis bridges PSPs and merchants, providing data handling for all incoming and outgoing payments, ensuring smooth and successful payment flows. Integrated with over 450 PSPs, Praxis is one of the most comprehensive PCI DSS Level 1 compliant platforms on the market. To learn more about Praxis, go to https://praxis.tech/
About EML Payments and Nuapay
Wherever money is in motion, EML helps businesses create awesome payments experiences for their customers. Our technology powers the payments process, moving money quickly, conveniently and securely, while our programme management expertise creates superior configurable, feature-rich payments solutions.
Nuapay is EML’s market-leading Open Banking business. Direct Debit, Credit Transfers and Instant Payment products are also available through one single ‘bank-grade’ platform, easily accessible through industry-leading APIs. Businesses and their customers benefit from the immediacy of Open Banking and account-2-account payments and can save time, money and resources at every turn. This is payments as it should be.
For more on EML visit www.emlpayments.com
For more on Nuapay visit www.nuapay.com
Sources:
1. Toptal https://www.toptal.com/finance/investment-banking-freelancer/fintech-and-banks;
2. Trading Authority, May 26th 2021 https://trading-authority.com/cfd-trading-market-2021-uk/
3. Praxis Tech, February 16th 2022 https://praxis.tech/blog/meet-praxis-tech/
4. Juniper Research, November 1st 2021 https://www.juniperresearch.com/press/open-banking-facilitated-payments-exceed-116-bn
