Ping Payments, a leading payment service provider in the UK, has partnered with Neonomics, an open banking innovator, to offer its customers access to over 2000 banks across the Nordics. The partnership will enable Ping Payments to provide faster, cheaper, and more secure payment solutions to its merchants and consumers in the region.
What is Open Banking and Why is it Important?
Open banking is a concept that allows third-party providers, such as Ping Payments, to access customers’ bank accounts and initiate payments on their behalf, with their consent. This means that customers can pay for goods and services directly from their bank accounts, without using cards or other intermediaries. Open banking also enables customers to access a range of financial services and products from different providers, giving them more choice and control over their money.
Open banking is important because it can benefit both merchants and consumers in various ways. For merchants, open banking can reduce the cost of processing payments, as they can avoid paying card fees and other charges. It can also increase the conversion rate, as customers can complete the payment in a few clicks, without leaving the merchant’s website or app. For consumers, open banking can offer more convenience, security, and transparency, as they can pay with their preferred bank account, without sharing their card details or personal information. It can also help them save money, as they can compare and switch between different financial providers and products.
How Ping Payments and Neonomics are Collaborating to Deliver Open Banking Solutions
Ping Payments is a payment service provider that offers a range of payment solutions, including card processing, alternative payment methods, and open banking. Ping Payments has been operating in the UK since 2019, and has been offering open banking payments since 2020. Ping Payments has been using Neonomics’ pure unified PSD2 API to connect to over 600 banks in the UK and Europe, enabling its customers to pay with their bank accounts in a fast and secure way.
Neonomics is an open banking innovator that provides a platform for connecting and enriching financial data and payments across Europe. Neonomics has the most advanced unified PSD2 API tech stack and bank API coverage map in Europe, connecting over 150 million consumers to over 2000 banks. Neonomics is authorized by the Norwegian FSA as a licensed payment institution (PI) (PISP & AISP) passported across the EU.
The partnership between Ping Payments and Neonomics will allow Ping Payments to expand its open banking services to the Nordic countries, namely Norway, Sweden, Denmark, and Finland. The Nordic region is one of the most advanced and mature markets for open banking, with high adoption rates and consumer trust. By leveraging Neonomics’ extensive bank coverage and seamless integration, Ping Payments will be able to offer its customers a convenient and cost-effective way to pay with their bank accounts across the Nordics.
What are the Benefits and Opportunities of the Partnership?
The partnership between Ping Payments and Neonomics will bring several benefits and opportunities for both parties, as well as for their customers and partners. Some of the benefits and opportunities are:
- Ping Payments will be able to enhance its product offering and competitive edge, by providing its customers with access to more banks and markets in Europe, especially in the Nordics.
- Neonomics will be able to strengthen its position and presence in the UK and Europe, by partnering with a leading payment service provider that has a strong customer base and reputation.
- Both Ping Payments and Neonomics will be able to increase their revenue and growth potential, by tapping into the growing demand and potential of open banking in the region.
- The customers and partners of Ping Payments and Neonomics will be able to enjoy faster, cheaper, and more secure payment solutions, as well as more choice and control over their money and financial services.
What are the Future Plans and Visions of the Partnership?
The partnership between Ping Payments and Neonomics is not only a strategic move, but also a visionary one. Both parties share a common vision and mission of making open banking the new standard for payments and financial services in Europe and beyond. They also share a common passion and commitment to innovation and customer satisfaction.
The partnership is not a one-off deal, but a long-term collaboration that will evolve and expand over time. Both parties plan to explore new opportunities and possibilities for open banking, such as:
- Adding more banks and countries to their open banking network, covering more markets and segments in Europe and beyond.
- Developing new features and functionalities for their open banking solutions, such as recurring payments, refunds, and instant settlements.
- Creating new use cases and scenarios for open banking, such as e-commerce, subscriptions, donations, and peer-to-peer payments.
- Educating and engaging their customers and partners on the benefits and opportunities of open banking, as well as the best practices and standards for open banking.
The partnership between Ping Payments and Neonomics is a testament to the power and potential of open banking, as well as the synergy and collaboration between two innovative and customer-centric companies. Together, they aim to make open banking the new normal for payments and financial services in Europe and beyond.
