Swedish payment provider Ping Payments has selected Norwegian Open Banking technology company Neonomics to enhance its Open Banking services offering across the Nordics.
Ping Payments, which specialises in payment solutions for platforms, Software-as-a-Service businesses and marketplaces, has partnered with Neonomics to boost its capabilities within account-to-account (A2A) payments, identity verification and compliance.
Neonomics will manage end user consents and A2A payments for Ping Payments, as well as provide Open Banking-powered identity verification which, when combined with A2A payments will fulfil the need to validate recipients of payouts in several segments.
Through the partnership, Neonomics will also be able to support Ping Payments, given its connections to banks across Norway, Denmark and Finland. Neonomics can unify access to more than 2,500 banks and 150 million bank customers across Europe via its API platform.
Petter Sehlin, chief executive officer of Ping Payments said that “reach, market insight, and technical viability” were “paramount” in selecting a partner for expanding its services.
“Neonomics has consistently demonstrated high quality throughout our relationship, and we are excited to expand our offering outside of Sweden across the Nordics with Neonomics,” he added.
“Our goal is to empower companies like Ping Payments with advanced tools to navigate customer identification complexities with ease and security,” said founder and chief executive officer of Neonomics Christoffer Andvig.
“With our advanced account verification solutions designed to mitigate risks and safeguard transactions, we will together strengthen payment and compliance processes across all customer touchpoints – bringing a future where transactions are inherently secure and seamless for all participants in the Nordic markets.”