Neonomics partners with Comarch

Thursday 22 September 2022 12:14 CET | News

Comarch has partnered with Neonomics to validate a variety of commercial propositions within Open Finance, payments, and personalised consumer insights.

Harnessing the efficiencies enabled by Neonomics Open Banking platform, Comarch sees a range of applications, where embedding financial services closer to the consumer can support the diversification of their product offering.

Comarch's recently launched Comarch Open Platform, enables access to partner services to all new and existing customers. The portfolio of Neonomics PSD2 compliant Open Banking products available through the platform, will deliver a new set of tools tailored to supercharging customer engagement through both payments and bank account data insights.

Comarch is a global provider of IT business solutions that aim to optimise operational and business processes.

Neonomics is an Open Banking disruptor unifying access to over 2500 banks and 150 million bank customers across Europe via one a secure PSD2 API platform. Authorised by the Norwegian FSA as a licensed payment institution the company is delivering payments initiation and account information services to a wide range of customers spanning fintechs, payment service providers, banks, and more.

Embedded financial services

Embedded finance has the flexibility and universality to be applied to any company or industry with a transactional element. It also has the potential to change the way payments happen right now and broaden the horizons of innovation within financial services. Even incumbent players, traditionally slow to take up new practices, have begun to realise the world of possibilities presented by embedded finance.

Comarch partners with Neonomics to validate commercial propositions within Open Finance, payments, and personalised consumer insights.

As Deb Bardhan, Highnote, wrote in an article, the opportunities to distribute financial products and services through non-finance companies and products have exploded in the last decade thanks to the digitisation of every aspect of our lives. Today, any embedded finance idea is just a few lines of code away from being a reality.

There is massive demand for these services. Some 56% of retailers and ecommerce businesses in Europe are either planning to increase their offering or to start offering embedded finance solutions in the coming 12 months, according to research from Banking-as-a-Service (BaaS) provider Vodeno.

The Open Finance opportunity

Open Finance refers to the use of APIs to connect banks and third parties. Financial technology companies are at the forefront of improving the accessibility and convenience of financial services. As a result, conventional banks are facing increasing pressure to improve their service offerings. Through collaborative initiatives between fintech companies and conventional banks, both industries and users can benefit. However, cross-platform friction, privacy, data security, and regulatory requirements are significant hurdles to implementing open finance.

By forming a robust network of banks and third parties, both financial service providers and consumers benefit from greater transparency and convenience. This means that in an Open Finance ecosystem, lenders can get a better understanding of a consumer’s financial situation. By aggregating consumer data securely and efficiently, lenders can select suitable credit products for potential borrowers, audit documentation, and offer customised solutions.

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Keywords: partnership, Open Finance, payments , embedded payments, financial services
Categories: Banking & Fintech
Companies: Comarch, Neonomics
Countries: World
This article is part of category

Banking & Fintech




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