06.02.2024 OSLO, NORWAY – Lowell, a European leader in credit management services, has partnered with Neonomics to enhance their payments offering, implementing, and enabling account-to-account payments in their Norwegian customer portal. With a mission to make credit work better for all, the partnership aims to simplify the way customers pay while driving cost efficiency across the entire value chain from customer to merchant.
The collaboration will see Lowell integrate account-to-account payments through their customer portal, known as “My Lowell”. With the integration of account-to-account payments, Lowell will benefit from greater cost-efficiency over traditional card payments, a decision further validated by the rising adoption of account-to-account transactions across the Nordics.
Operations Director Tom Kjuusmoen from Lowell said: “Choosing Neonomics as our partner was a strategic move towards enhancing our payment solutions with the latest in open banking technology. Through this partnership, we anticipate not only a reduction in the cost of transactions but also an enrichment of our customers' payment experience in addition to reducing days sales outstanding for our clients. We are setting our sights on the heightened efficiency and security that open banking brings, offering our customers the simplicity and ease they deserve in managing their finances.”
Account-to-account payments has seen increasing adoption across the Nordics and Europe in the last year, as more merchants and financial institutions leverage the clear cost benefits, security and ease of use attributed to this innovative payment method.
Christoffer Andvig, CEO of Neonomics said: "We are excited to embark on this partnership with Lowell, broadening the reach of our technology and know-how in open banking. Enabling more consumers to see the benefit of paying directly via account-to-account payments will strengthen the entire credit management segment and provide better experiences for both merchants and end users."
Neonomics is an open banking disruptor unifying access to over 2500 banks and 150 million bank customers across Europe via one of the most secure and cost-efficient pure PSD2 API platforms in the market. Founded and headquartered in Oslo, Norway in 2017, the company currently has a growing highly technical team representing 25 different nationalities with close to 40% being female. Authorized by theNorwegian FSA as a licensed payment institution, the company is delivering payments initiation and account information services to a wide range of customers spanning Fintechs, payment service providers, banks and more. For more information about Neonomics, visit www.neonomics.io.
Media Contact Details:
Sarah Thue, Marketing @ Neonomics
Lowell is one of Europe’s largest credit management companies with a mission to make credit work better for all and a commitment to fair and ethical customer practices.
It operates in theUK, Germany, Austria, Switzerland, Denmark, Norway, Finland, and Sweden.Lowell’s unparalleled combination of data analytics, deep consumer insight and robust risk management provides clients with expert solutions in debt purchasing, third party collections and business process outsourcing. With its ethical approach to debt management, Lowell is committed to delivering the most fair and affordable outcome for each customer’s specific circumstances.
Lowell was formed in2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. In 2018, Lowell completed the acquisition of the Carve-out Business from Intrum, which has market leading positions in the Nordic region. It is backed by global private equity firm Permira and Ontario Teachers’ Pension Plan.
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