Facit Bank, a digital-first financial institution, has partnered with Neonomics, a prominent open banking platform, to revolutionize its invoicing and payment systems. Facit Bank, known for offering unsecured consumer loans across Denmark, Norway, and Sweden, is focused on enhancing the customer experience through innovative, digital solutions. By integrating Neonomics’ cutting-edge open banking technology, Facit Bank aims to make invoicing and payments more secure and seamless, providing a fully digital banking experience for its customers.
Neonomics, established in Oslo in 2017, is a leader in open banking, connecting over 2,500 banks across Europe. Its platform enables secure and efficient transactions while offering a high level of user convenience. This collaboration marks another significant step in Facit Bank’s mission to remain competitive in the digital financial landscape.
The Partnership Announcement
On October 1, 2024, Facit Bank officially announced its partnership with Neonomics, signaling a commitment to streamlining its payment and invoicing operations. Through this partnership, Facit Bank customers can now benefit from Neonomics’ advanced payment services, including the ability to make payments directly from their bank accounts via the open banking Checkout feature. The integration also includes Neonomics’ Pay Date, which allows customers to schedule future invoice payments, reducing the likelihood of late payments and avoiding additional fees.
This collaboration leverages Neonomics’ secure and cost-effective API platform to help Facit Bank create savings on transactions while simultaneously improving user convenience. Christer Nilsson, CEO of Facit Bank, emphasized that this move reflects the bank’s focus on delivering innovative, customer-focused solutions.
Technological Integration and Key Features
The core of this integration lies in Neonomics’ open banking-powered Checkout and Pay Date solutions. The Checkout feature enables Facit Bank customers to make direct bank transfers for their invoices, bypassing traditional card payment systems and reducing transaction costs. Meanwhile, Pay Date allows customers to schedule payments in advance, ensuring better financial management and reducing the risk of late payments. This functionality offers a more seamless experience, adding convenience and security for users, as payments are initiated directly from their bank accounts.
Benefits for Customers and the Bank
The partnership between Facit Bank and Neonomics delivers several benefits for both customers and the bank itself. For customers, the integration of Neonomics’ open banking Checkout and Pay Date solutions streamlines the payment process by allowing direct payments from bank accounts, reducing reliance on traditional card systems. This not only enhances the security of transactions but also offers greater convenience as customers can now make and schedule invoice payments directly from their bank accounts, significantly minimizing the risk of late payments.
From Facit Bank’s perspective, the integration of Neonomics’ solutions translates into reduced operational costs. The bank can bypass card-based payment fees, leading to savings on each transaction. Additionally, the automation of invoice payments ensures a more efficient process, leading to fewer missed payments and improved cash flow for the bank
Strategic Importance for Both Companies
The partnership is a strategic move for both Facit Bank and Neonomics, as it aligns with the ongoing trend of digital transformation in the banking industry. Facit Bank, as a digital-first institution, is committed to providing an enhanced customer experience. The implementation of Neonomics’ cost-effective payment solutions allows the bank to offer a competitive edge, particularly in terms of convenience, efficiency, and cost reduction.
For Neonomics, the partnership expands its footprint in the European banking sector, enhancing its reach by providing payment solutions to a broader customer base through Facit Bank. It also supports Neonomics’ mission of simplifying financial transactions across Europe using its secure PSD2-compliant API platform, which connects over 2,500 banks.
Conclusion
The collaboration between Facit Bank and Neonomics is a significant step toward improving the invoicing and payment processes for the bank’s customers. By offering more flexible, secure, and cost-effective payment methods, Facit Bank reinforces its position as an innovative digital bank. Neonomics, in turn, strengthens its role as a leader in open banking, contributing to the ongoing transformation of the European financial landscape.
This partnership highlights the growing importance of open banking in modern financial services, providing customers with increased control over their finances while enabling banks to optimize their operations for the digital era.
