Driving Efficiency in Credit Management Throughout Europe with Open Banking

Sarah Thue
February 7, 2024
5 minutes

For credit management companies across Europe, open banking provides a massive potential to offer its users a better user experience, cost-efficient payments, streamlined risk-assessment processes and decision making.  

Let's take a look at the numbers – they're telling a compelling story. Currently, over 5 million consumers and small businesses across the UK are reaping the benefits of Open Banking. Furthermore, we have seen a significant leap forward where the volume of open banking payments doubled in just the first half of 2023 compared to the previous period, with an impressive 9.7 million transactions in June 2023 alone.

But this trend isn’t only in the UK. Across Europe, we're seeing this wave of change, although it's a diverse picture, with just 5-7% of Europeans tapping into Open Banking, the room for growth is vast.  

Think about this: the European open banking industry valued at a cool $6.1 billion in 2020, with projections indicating that it could reach $48.3 billion by 2030 in Europe. This creates a conducive environment for credit management companies to offer better services while also reducing costs significantly compared to traditional payment providers such as cards. Open Banking facilitates the use of single unified bank APIs, which can be leveraged by credit management companies to offer more efficient payment solutions and better customer experiences via direct account-to-account payments.

With PSD3 on the horizon in 2026 set to introduce new regulations, we're on the cusp of an even bigger leap forward for industries leveraging open banking. These changes are set to bolster the financial service ecosystem with next-gen financial services that support more personalised offers and greater financial inclusion for consumers.  

Open banking is fundamentally changing how credit management companies could operate, positioning them to unlock incredible value. It's all about delivering seamless payment experiences, helping customers manage their finances, and enable better operational efficiency. As open banking unfolds in the upcoming years, early adopters of open banking in the credit management arena are likely to lead the pack.

Want to get a glimpse into the future?  
Take a look at how these credit management leaders are using open banking:

How Axactor uses open banking to streamline payments

As a technology-driven credit management platform, Axactor was looking for an innovative and cost-effective way to simplify how consumers could pay and manage their debt. Using Neonomics Platform Services, Axactor became the first in the debt collection industry to offer their customers secure and cost-efficient account-to-account (A2A) payments using open banking technology. The solution is now integrated into their online platform and mobile app and can be embedded directly in their customers' invoices.  

Learn more here > Leading the way: How Axactor is taking debt collection into the future with open banking

How Kredinor uses open banking to enhance customer experience

Norway's largest debt collection agency, Kredinor believes that responsible credit management plays a key in creating healthy economic conditions for both businesses and consumers with a strong focus on customer needs and customer-driven development. Their mission is to help consumers regain financial health quickly and at a lower cost. To achieve this, they implemented A2A payments via Neonomics Checkout, an easy way to integrate payment solution that reduces friction and simplifies the payment process. Using open banking, Kredinor has simplified the payment process by automating the transfer of invoice details to reduce errors, improve tracking and shorten resolution time.

Learn more here > Kredinor: Making debt collection more sustainable with open banking

Would you like to know more about how your business could benefit with open banking? Let’s talk!

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Driving Efficiency in Credit Management Throughout Europe with Open Banking

Learn about the huge potential open banking has for credit management companies in Europe, offering cost savings, improved user experiences and reducing outstanding credit days.
Sarah Thue
February 7, 2024
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Neonomics AS is licensed as a Payment Institution (PI), Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), issued by the Norwegian Financial Supervisory Authority (Finanstilsynet) passported across the EU.