Nuapay unveils Australia’s ‘first-ever’ Open Banking payments platform

Nuapay Mobile Wallet

Nuapay, a joint venture of Aussie fintechs EML Payments and Frollo, has propelled itself to the forefront of Australia’s Open Banking innovators, unveiling the country’s first digital wallet to tap into Consumer Data Right (CDR) data.

The white-label digital wallet, dubbed Nuapay EML following its acquisition by EML Payments last month, is said by the duo to combine a suite of innovations in Open Banking, personal finance management and payments “in a customisable solution”.

Frollo notes that the platform gives its fintech and lending clients the option of a no-code, low-code, or fully customisable API integration.

Among the key features of the platform include access to ‘instant cash’, leveraging Open Banking data and EML’s virtual debit cards to approve and disburse loans in “minutes”, Frollo said, as opposed to days.

Last November, the ACCC, the then overseer of the Open Banking scheme, expanded the scope of the Consumer Data Right to share home loan and mortgage offset data with accredited data recipients.

Pitching its Nuapay platform at alternative digital banks and lenders, Frollo said its ‘instant cash’ feature helps to eliminate “costly and highly manual human-led checks with traditional providers”.

A unique ‘emergency buffer’ feature also available through the platform allows customers to “go back and turn a transaction into an instalment loan”.

Using artificial intelligence, the platform’s ‘Spend control’ feature automatically categorises transactions, allowing “budget caps” to be placed on “specific money buckets”.

Ultimately, it said, the Nuapay platform serves to “streamline, enhance and personalise the entire user journey” for its neolending and neobanking clients.

Both Frollo and EML Payments specialise in developing solutions that can leverage Open Banking and extended consumer data-sharing programs across the globe.

“We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances,” said Frollo founder and chief executive Gareth Gumbley.

“By integrating market-leading Open Banking, payments, and Personal Finance Management features into a fully customisable solution, Nuapay can offer lenders and fintechs a simple way to take their customer experience to the next level.”

Nuapay, a paytech specialist founded in the UK in 2003, expanded quickly across Europe to deliver real-time, account-to-account (A2A) payment services throughout the continent.

Last month, Nuapay’s parent company, Sentenial, was snapped up by Australia’s EML Payments Limited for $62.1 million.

As part of the Nuapay partnership with fellow Aussie paytech Frollo, the first company outside of the big four banks to be approved as an accredited data recipient on the CDR, EML has provided its expertise in cards management, authorisations, and real-time payments settlements.

As of April this year, Frollo claims to have processed more than 7 million Open Banking API calls, representing over 95 per cent of activity on Australia’s CDR so far.

The paytech last month also announced a partnership deal with ANZ, with the big four bank using Frollo’s CDR Gateway to receive consumers’ financial data from other data holders.

Sarah Bowles, group chief product officer at EML, said the fintechs are “on a joint mission to remove friction, help Australians feel better about money and help the fintechs driving this revolution to scale quickly”.