Open Banking payment provider fumopay selects acquiring partner

Open Banking-enabled payment solutions provider fumopay has chosen fintech payments company Cashflows as its acquiring partner to enhance its integrated checkout “experience”.

By working with Cashflows, fumopay will be able to offer card processing services alongside account-to-account Open Banking payments, thereby providing merchants and consumers with increased choice at checkout.

As a result of the partnership, businesses using fumopay’s single integrated checkout solution can accept both card payments and instant bank payments via a single interface.

Paul Clarke, chief growth officer at Cashflows, said: “Supporting fumopay in delivering an integrated checkout that offers both card processing and Open Banking payments has been beneficial for both our companies.

“Together, we are enabling merchants to provide their customers with secure and flexible payment options, driving better experiences and increased revenue. We’re eager to see where this partnership goes as both our companies continue to grow at pace.”

Kevin Ludford, founder of fumopay

Cashflows specialises in providing payment acceptance for merchants through its own acquiring platform and gateway.

Kevin Ludford, fumopay’s founder, said: “Our vision has always been to provide a frictionless and highly-efficient payment experience, and whilst Open Banking delivers many benefits to consumers and businesses, we know that accepting card payments still needs to exist.”

He added that Cashflows’ robust acquiring capabilities allows merchants to take advantage of the combination of “functional and commercial benefits” of both Pay by Bank and paying by card.

Last year, Full Power Utilities, a provider of commercial energy services to UK businesses, integrated Fumopay into its enterprise resource planning (ERP) platform, replacing PayPal.