Noda - Payment Method Definition | Akurateco
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Noda

Noda is a global, multi-currency open banking solution for seamless business transactions. It currently operates with 1,650 banks across 27 countries, encompassing 247 bank brands with over 30,000 branches. Headquartered in the UK, Noda has additional offices in Spain, Latvia, Lithuania, and Cyprus.

Noda enables merchants to receive direct bank payments from eCustomers via Open Banking as an alternative to cards. Merchants can implement Open Banking payments quickly via Noda API, making use of their intuitive UX and lower fees.

What is Open Banking

Open Banking was borrowed from the banks’ practice, when financial institutions  shared financial data with third parties, which were invited to provide different services on the platform. Their goal was, for instance, to collect users’ data to make marketing conclusions and improve customer experience. Fintech companies involved previously in this activity don’t need banks any longer to contant end users. They can use this technology to develop their services and serve customers directly delivering services that were, previously, delivered by banks. Large banks are not the only players in the market any longer, so customers’ data is not controlled by them as before.

The best thing about the service is the lack of middlemen, charging high fees for their services. Using Open Banking, all payments are conducted between two parties i.e. between the customer and seller. It helps to make transactions much cheaper and commodities more affordable to consumers. In this way, both parties leverage from this offer. There are some drawbacks though as not all customers feel safe when dealing with open banking services. They seem not so trustworthy for them, compared to banks. However, these perceptions go away with time. Noda is one of the services that contributes to mass adoption of such services.

Noda highlights

Noda allows users to bypass costly intermediary services, thus alleviating online payments. Merchants highly assess the service for optimal success rate of payments. Noda offers high transaction speed, affordable fees, and fintech apps on the basis of open banking for end users. This is an excellent option for end users who get access to instant payment methods that operate in all countries of Europe and GB.

Noda offers merchants to become providers of open banking service within a day. The platform assures that this is a perfect addition to a diversified financial landscape. Merchants can only benefit from using Noda since they don’t waste resources and time to integrate the service or onboard a certain payment system.

The NPM package delivered by Noda allows businesses to control payment flow on the back-end website.

How to connect to the service

They can just connect a new payment option to their resource via the ready-made gateways at a low fee without compromising technical performance. The integration of the Noda button is incredibly easy. Companies should use the NPM package to integrate the system and follow the instructions that are provided by the system.  It usually takes several minutes to implement the procedure.

 

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