Neonomics , an Open Banking provider in the Nordic region, has launched its Open Banking Checkout solution in Denmark. This payment solution is designed to allow businesses to facilitate account-to-account payments through a user interface, resulting in higher conversion rates compared to traditional card and digital payment methods, all at a reduced cost, the company states.

Following reportedly successful implementations in Norway and Finland, Neonomics has expanded the availability of its Checkout solution to the Danish market. This move reflects the company's recognition of Denmark's importance as a key market. The Head of Product at Neonomics highlighted the positive outcomes witnessed in the Norwegian and Finnish markets and expressed excitement about bringing these benefits to Denmark.

The Checkout product combines the advantages of Open Banking, such as improved security and cost-efficiency, with a design-driven user experience. Businesses are increasingly seeking alternatives to expensive card fees, leading to a growing interest in Open Banking payments. However, the integration complexities and inefficient user interfaces of early Open Banking solutions have hindered adoption.

Neonomics' Checkout seeks to address these challenges by offering a user-friendly product that is quick to implement, requires minimal maintenance, and meets users' expectations when making online payments, according to the press release. Neonomics Checkout is already available in Norway and Finland, and it will soon be accessible across the entire Nordic region. Neonomics plans to achieve this by leveraging its unified API and comprehensive coverage of consumer banks, the company states.

More about Neonomics As an Open Banking service provider, Neonomics connects over 2500 banks and serves approximately 150 million bank customers throughout Europe. The company's PSD2 API platform is reportedly secure and cost-efficient. Established in Oslo, Norway, in 2017, Neonomics boasts a diverse team consisting of individuals from 25 different nationalities, with nearly 40% being female.

Authorised by the Norwegian FSA as a licenced payment institution, Neonomics provides payment initiation and account information services to a wide range of customers, including fintechs, payment service providers, and banks, the official press release concludes. In February 2023, the Open Banking provider announced it has expanded the launch of its Open Banking-powered checkout solution to Finland. In March 2023, PERX, a Norway-based P2P crowdlending platform, partnered with Neonomics to enable Open Banking payments on their platform.

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