Open Banking provider Neonomics has announced a partnership with Denmark-based white-label fundraising platform BetterNow to improve digital fundraising with Open Banking. With the goal of enabling increasingly efficient digital fundraising services to charities across the Nordics, the collaboration is set to see the two companies roll out Open Banking-powered payments to a multitude of the largest charity organisations across the Nordics, to leverage a more efficient channel to receive funds.

Open Banking and details on the Neonomics – BetterNow partnership Based on the information detailed in the press release, Open Banking is believed to help revolutionise how charities and charitable causes, no matter the size, interact with donors, with the immediate benefit being increasingly fast and efficient payments. BetterNow company officials commented on this, stating that Neonomics shares the enterprise’s customer-centric approach, and they are looking forward to expanding this offering across its expanding network. When it comes to fundraising, transactional costs are among the biggest pain points.

What is more, having the ability to manage how these payments are received and tracked is considered critical. Per the announcement, charitable donations in multiple Nordic countries are tax deductible and BetterNow’s white-label platform helps enable this functionality at scale in a simplified manner. Further adding on the partnership, Neonomics representatives said that the company has been collaborating directly with many charities to showcase the long-term value of integration Open Banking offerings.

Per their statement, by working with BetterNow, they are directly addressing customer pain points much more broadly than before. What is more, by simplifying payments, the company can further help fundraisers by leveraging the data created to both improve and expand how they promote and raise funds in innovative ways. Neonomics’ offering and recent developments An Open Banking disruptor, Neonomics is unifying access to more than 2,500 banks and 150 million bank customers across Europe through a secure and cost-efficient pure PSD2 API platform.

Authorised by the Norwegian FSA as a licenced payment institution, the company delivers payment initiation and account information services to an extensive array of customers spanning fintechs, payment service providers, banks, and more. As part of its development strategy, the company announced numerous developments within 2023, with the two most recent ones being June collaborations centring around Open Banking, one with the Finnish Red Cross to help simplify donations, and a separate one with Norway-based payments solution for the automotive industry Spense to enable direct account-to-account (A2A) payments through Open Banking. Prior to these partnerships, in May of the same year, Neonomics made public the launch of its Open Banking Checkout solution in Denmark to help businesses facilitate A2A payments through a user interface, resulting in higher conversion rates than when compared to traditional card and digital payment methods, all at a decreased cost.

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