November 23, 2022
7 minutes

What is open banking?

Open banking, driven by the EU’s second payment services directive (PSD2) in 2018, is an industry shift that enables individuals and businesses to grant authorised third-party providers secure access to their financial data, allowing them to provide better financial services (such as being able to initiate payments directly from their bank account). In other words, it cuts out the middleman (such as cards), enabling you to do so much more with your account, such as making payments even easier. Although its immediate effect was felt in payments, the data provided by open banking offers opportunities for businesses to further add value to their customers.

What is Neonomics?

Neonomics is a Norwegian payment institution licensed by the Financial Supervisory Authority of Norway to provide payment initiation services and account information services.

Is Neonomics safe and secure to use?

Yes, Neonomics is safe. And much safer than many other alternative payment methods.

Our open banking platform uses your chosen bank’s security layer plus Strong Customer Authentication (SCA), meaning they’re able to make sure it’s you initiating the transaction. Under PSD2, retailers never collect any security information for financial transactions. You never have to provide your bank details to anyone but the bank itself, making it at least as safe as online banking.  

How does Neonomics use and store data? 

Neonomics will only process data that is necessary for processing the requested payment. Neonomics will only store the data until the purpose of the service is fulfilled and in line with legal obligations and rights.

How is it regulated?

Open banking providers must be regulated by the FCA or a European equivalent. Neonomics is licensed by the Norwegian Financial Supervisory Authority (Finanstilsynet) and passported across the EU.

Who do I contact if I have any issues with a transaction?

You can contact us here.

Read more FAQ’s here.

Want to integrate open banking into your business? Book an intro meeting here.

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Open banking changed our lives, can it change yours?

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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.