Neonomics, Lowell to extend A2A payments across the Nordics

Via this joint venture, Lowell reportedly seeks to enhance their payments offering by implementing and enabling account-to-account payments (A2A) in their Norwegian customer portal. According to the official press release, the partnership is part of an effort to simplify the payment process for customers, while optimising cost efficiency across the entire value chain, from the customer to the merchant.

Lowell’s decision to leverage the partnership with Neonomics to integrate A2A payments in Norway comes as a response to customer demand, as the adoption of A2A payments in the Nordics and Europe, in general, has surged in recent years. 

As outlined in the official press release, the boost in the adoption of A2A payments has been credited to the fact that an increasing number of merchants and financial institutions are taking advantage of the cost benefits, security, and ease of use associated with this payment method.

According to previous reports, A2A payments and debit card payments are some of the most popular payment methods that Nordic consumers use for online shopping. However, A2A payments are expected to gain more popularity, especially in light of the new PSD3/PSR regulations. 

In Norway, reports indicate that more than 90% of consumers use online payments, with over half of those transactions completed on mobile phones, a direct result of the high mobile phone penetration.

Neonomics and Lowell’s strategies and previous developments

Neonomics is an Open Banking company that leverages its PSD2 API platform to extend access to over 2500 banks and 150 million bank customers across Europe. The company is authorised by the Norwegian FSA as a licenced payment institution. Neonomics offers payment initiation and account information services to fintechs, banks, payment service providers, and other types of customers.

In 2023, the Open Banking company forged a series of partnerships with companies including, but not limited to, Ping Payments, Carbon Centrum, BetterNow, and Spense.