Neonomics Payments API

Kivra Brings Neonomics Payments API to Finland

KivraKivra, a Finland based payment service provider recently revealed its partnership with European fintech firm Neonomics to improve its payment transaction security and processing capabilities.

As per the statement released by the firm, the payment service provider has partnered with European firms bringing to the country a leading open banking infrastructure alongside the launch of the first live PSD2 payment solution in Finland.

The solution enables Kivra’s local clients to pay their regular invoices via Kivra’s digital mailbox with transactions being powered by Neonomics open banking API.

According to the statement from the firm, the partnership went live since the start of February 2020 and is one of the first practical applications of PSD2 infrastructure in payment API’s across Europe. The service was first made public via a demonstration made to a live audience of more than 1200 members at Finovate Berlin earlier this month.

To those hearing about PSD2 for the first time – it is the second revision of an EU directive administered by the European Commission to regulate payment services and service providers across EU &EEA. 

The directive was initially created with the purpose of boosting pan-European competition and participation in the payments industry by including non-banks organizations to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users.

Aside from the above-mentioned goals which are part of the first PSD, the revision added a key objective which facilitates the creation of a more integrated European payments market by making payments safer and more secure and protecting consumers. The newly launched service from the payment service provider provides a cost-effective and user-centric solution for customers across Finland thereby helping the make regular invoice payments directly via the Kivra app/website.

Neonomics payments API which Kivra introduces to Finnish clients is unified API under which users gain access to broadest bank coverage in Europe and with the latest partnership gains access to all major Finnish banks thereby indirectly providing firms in Finland an opportunity to unlock many benefits that come as part of the open banking system. 

Commenting about the partnership, Christoffer Andvig – founder and CEO of Neonomics said, “We consider this to be a standout use case for the PSD2 payment initiation service, giving Kivra’s customers an easier way to pay their invoices, whilst at the same time reducing the cost of payments for the business. Kivra was quick to realize the opportunities that PSD2 can bring, and it’s fantastic that they have chosen to rely on Neonomics for the service”. 

Speaking on the same topic, Miika Salo – CEO of Kivra said, “We have been working closely with Neonomics since last summer, integrating, testing, and improving the usability and stability of PSD2 payment services. Neonomics stood out as the leading platform, offering a simple and effective solution that’s connected to all of the major Finnish banks. Being a pioneer is never easy and Neonomics has proven to be a reliable and responsive service provider”.