Nexi

Nexi provides payment technology to merchants, banks and public institutions across Europe. The group took its current form when Nexi, Nets and SIA became Nexi Group on 1 January 2022 (Nexi). Nexi gives its reach as more than 25 countries, about 3 million merchant terminals, about 140 million cards and about 250 banks and corporates served by its issuing solutions. Nexi's customers range from small shops and large merchants to banks, central institutions and the public sector.

Open banking, as Nexi describes it, lets third-party providers read account balances, spending details and transaction flows through the banks' APIs, always subject to the customer's consent (Nexi). For medium and large companies Nexi lists Check Iban to verify a bank account, Pay by Bank for account-to-account transactions and connectivity through CBI Globe, with smart onboarding and a payment initiation service in development (Nexi). For banks it offers Money Manager, Open Risk and Instant Lending for credit decisions built on account data, and CBI Globe connectivity, with Experian and CBI Globe as partners.

The legal basis is PSD2: a bank in the EU has to give licensed account information and payment initiation providers access to a payment account once the customer agrees. PSD3 and the Payment Services Regulation will replace these rules, and FIDA covers data sharing beyond payment accounts. Open banking in Germany covers the German market, payment initiation services the license a provider needs to start a payment, and PSD3 and the PSR the next rulebook.

Nexi Germany is based in Eschborn near Frankfurt and has, in its own words, more than 40 years of payment experience in Germany (Nexi Germany). Nexi Germany serves merchants in stationary retail, e-commerce and omnichannel retail from several locations in Germany, Austria and Switzerland. Nexi is also on the list of acquirers and partners that the European Payments Initiative named for Wero e-commerce in Germany (EPI). Wero is the bank-owned wallet that moves money from account to account; Wero payments in Germany covers it.

Pay by Bank is Nexi's service for account-to-account transactions: the customer pays directly from the bank account, without a card. Nexi lists it among its open banking services for medium and large companies. Account-to-account payments explains how such a payment works.

Yes. Under PSD2 a provider may read an account or start a payment only after the account holder has agreed, and the bank checks that consent with strong customer authentication. Nexi describes its open banking services the same way: data is shared only subject to the customer's consent.

Yes. Nexi Germany in Eschborn serves merchants in Germany, Austria and Switzerland, and Nexi is among the acquirers and partners that support Wero e-commerce in Germany.