Teenit partners Nordigen to obtain Open Banking data

Teenit is a financial well-being app aimed at teenagers. The project aims to improve the financial literacy of younger generations by providing insight into money management and budget creation. The end goal is to promote healthy spending habits in a cashless society and help children build up their financial knowledge in order to prevent money-related issues in adulthood. 

The app offers data insights, videos, and interactive quizzes that were designed to engage teens and prepare them for the financial challenges that they might face later in life. By partnering with Nordigen, Teenit will obtain Open Banking data to generate accurate insights and perform detailed analyses. 

Nordigen officials have stated in the company press release that Open Banking and financial management tools complement each other, and that access to customer information enables PFMs to stay up-to-date with their suggestions and analytics. 

In essence, by integrating with Nordigen, Teenit can obtain access to young customer bank accounts anywhere in Europe and analyse their transactional data and balances in real time.  It is worth noting that these processes are carried out only after Teenit obtains authorisation from the account holder’s parents.

Nordigen also partnered with LicenceOne and NeteraPay

In September 2022, Nordigen partnered with LicenceOne in order to integrate bank data and track user software subscription transactions. 

LicenceOne specialises in helping small and medium-sized businesses stay on top of their software subscriptions by creating a dashboard that allows clients to see information about the software products they utilise, including login activity, billing cycles, renewal dates, invoice collection, and overall use. 

Following this partnership, LicenceOne will be able to provide clients with tracking of their software payments through direct bank integration, removing the risk of unwanted renewals and aiding in the automation of invoice collection. 

In the same month, Czech Republic-based fintech NeteraPay joined Nordigen to improve their Know Your Customer (KYC) procedures.

NeteraPay is a Czech licensed payment service provider and electronic money issuer with over ten years of experience in the financial industry. The company provides a variety of services to their customers, including the management of fintech companies’ payment accounts, e-wallet payments, payments through mobile operators, and the automation of wire transfers, both receiving and sending. 

By partnering with Nordigen, NeteraPay will be able to add an additional verification method to their service through Open Banking, helping automate and simplify the process of customer authentication.