OP and Nordea forge partnership for advanced payment solutions in Finland
The collaboration aims to tackle payment challenges by developing innovative phone number-based payment and e-invoice management solutions for consumers and companies, welcoming other market actors into the initiative.
OP and Nordea have teamed up in a joint venture to revolutionize payment services in Finland. The collaboration aims to tackle payment challenges by developing innovative phone number-based payment and e-invoice management solutions for consumers and companies, welcoming other market actors into the initiative.
The joint venture, co-owned by OP and Nordea, will streamline e-invoicing and online payments between consumers and businesses using telephone numbers. Jani Eloranta, Head of Personal Banking Finland at Nordea, sees this as a crucial step in preparing for Finland's imminent payment transition, aligning with developments in other Nordic countries.
Masa Peura, SVP Everyday Banking at OP Financial Group, emphasizes the venture's goal of creating home-grown payment solutions. They invite diverse market actors to contribute, aiming to enhance account-based services for companies and improve the overall consumer experience.
Siirto Brand Oy, jointly owned by OP and Nordea, will play a key role in this venture. Merchant services from the Siirto app will transition to Siirto Brand, expanding its activities. The company plans to launch in 2024, with services initially focusing on a shared payee register before expanding to broader account-based payment solutions.
Pending approval from competition authorities, this venture underscores the commitment to regulatory compliance. As OP and Nordea collaborate, Finland's payment landscape is set for a significant upgrade, promising increased efficiency and convenience for consumers and businesses.
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