Neonomics launches Open Banking and AI-driven payments, data suite

Norway-based Neonomics has launched a payments and data suite, called ‘Nello’, across the EU and UK, which will use Open Banking and AI technology to improve the way businesses and consumers interact with financial services.

‘Nello Pay’ and ‘Nello AI’ will offer insights, automation, and security, enabling users to complete payments and manage their finances more efficiently.

‘Nello AI’ is a personal finance manager app which will be available as a white-label integration for financial institutions to integrate initially, before also launching as its own standalone app in 2025.

FIs will be able to leverage one-off features or a spectrum of offerings, to support their efforts to increase engagement within their own banking or insurance apps.

It was built by Neonomics in response to frustration “with legacy financial services not having consumers in mind”.

“Vertically integrated from the unified banking API infrastructure we have built across Europe and the UK, to the orchestration that sits on top, Nello AI will offer personalised payments, insights and predictions when it comes to your bills, budgeting, investments, mortgages and loans, alone or with your family,” said Christoffer Lund, head of product at Neonomics.

“No matter your starting point, Nello’s unique approach will help you make better informed financial decisions, without the bore.”

Neonomics has described ‘Nello Pay’ as an “easy-to-integrate payment service powered by Open Banking” and said it will be “the first to offer payment guarantees where supported by banks, automated due dates, loyalty boosts and real-time payment statuses”.

Neonomics chief executive officer Christoffer Andvig

Neonomics’ new Pay by Bank offering will have an additional option to pay by card, with the goal to convert end users from card to Pay by Bank.

Lund added: “Instead of just adding new features to our existing Checkout, we stripped everything back to the core. Every decision was guided by the feedback and experiences of our customers and end users.

“The result is a product we’re incredibly proud of – built from the ground up to truly meet users’ needs and exceed their expectations, all whilst remaining the most cost-efficient solution on the market.”

Christoffer Andvig, chief executive officer of Neonomics, said: “One key misstep we’ve observed in the Open Banking market is its heavy focus on businesses, often overlooking the most crucial factor: the end user.

“Over the past two years, we’ve shifted towards a B2B2C model, and the launch of Nello will accelerate this strategy by putting end customers at the forefront. If end users aren’t adopting Open Banking, the entire ecosystem falls short.”

Earlier this month, digital bank Facit Bank announced a partnership with Neonomics to introduce Open Banking to invoicing and payments.