The solution is set to enable account-to-account (A2A) payments through means of a frictionless interface that helps deliver conversion rates that are higher than card payments, but at a significantly decreased cost.
Neonomics representatives commented on the launch and advised that with the checkout product, the company aims to take Open Banking ‘to the next level’, with all businesses being now enabled to leverage Open Banking within their payment experience by having it added to their payment options through a few lines of code.
As detailed in the announcement, with this product, the company was focused on keeping all the benefits associated with Open Banking, such as security and low cost, and combining it with a design-driven user experience, which is believed to be a ‘game changer’ for both businesses and end-users.
Businesses have been increasingly switching to Open Banking payments looking to escape exorbitant card fees however, due to the complex integration as well as inefficient user interfaces of early iterations, adoption has been slowed down. Neonomics Checkout aims to resolve these issues by providing an easy-to-use plug-and-play product that can be implemented swiftly, is maintenance-free, and is fast for users.
Based on information from the press release, ecommerce providers and their customers alike are enabled to take advantage of the benefits associated with account-to-account payments, such as:
Decreased transaction costs;
Fewer intermediaries;
Expedited settlement;
And tighter security when compared to other payment forms.
Furthermore, Neonomics Checkout is already available in Norway and following the launch in Finland, the solution is set to be made widely available across Nordics in the months to come via the company’s unified API and extensive consumer bank coverage.
Neonomics is an Open Banking provider that helps unify access to more than 2,500 banks and 150 million bank customers across Europe through means of secure, cost-efficient PSD2 API platforms. Having been authorised by the Norwegian FSA as a licenced payment institution, the company delivers payment initiation and account information services to a wide range of customers of the likes of fintechs, payment service providers, and banks, amongst others.
As part of its most recent and notable developments, the company announced a collaboration with Norway-based collection services provider KapitalKontroll in January 2023 to enable the company to launch a debt collection system and handle payments through the Neonomics Open Banking platform.
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