Open Banking is an initiative driven by governments across the EU to open up 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.
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In the EU the Second Payment Services Directive (PSD 2.0) is driving the implementation of Open Banking; in the UK the Competition and Markets Authority (CMA) on behalf of the UK Government were the principal driving force in ensuring that the 9 key UK banks were enrolled as Open-Banking-enabled institutions in 2018.
The basic idea is that banks, under strict security measures and with the consent of clients, will allow 3rd party businesses to access views of their clients' bank accounts. This access will allow Financial Services businesses (like Nuapay) to offer payment and account services to those clients.
Nuapay supports the following Open Banking Schemes: