Digital Banking > Best API
Fresh out of the Nordics in 2016, Neonomics (meaning “New Economy”) arose as a direct response to the impending challenges facing the banking industry during its radical transition into the era of open banking. Our API translates a vast number of unique PSD2 and open banking APIs into one unified standard, providing the secure movement of data and payments. As of today, we are connected to more than 1,300 banks within the EU, with the connections built on API integration technology that does not rely on screen scraping or reverse engineering.
We are recognized as one of the first few licensed payment institutions providing open banking connectivity across Europe. Most recently we launched the first live open banking product in Norway together with Easybank and IdFy (now known as Signicat)–a deposit solution that lets renters digitally sign housing contracts and automatically transfer the agreement to the landlord. This use case has gained large traction particularly due to its novel approach to harness the power of open banking APIs in a seemingly unconventional way, sitting outside of the typical use case e.g. in-app payments. So far, we have opened more than 2,500 deposit accounts alone in Norway, surpassing 5 million EUR in total value.
We are entering the live-testing phase with a large payment scheme company to deliver their Nordic API coverage - a huge market potential that we believe will revolutionize the way retailers and consumers make payments, thereby diminishing the use of conventional card payments over time in Europe and beyond. While there is currently no regulatory framework mandating open banking in the U.S. market, we speculate that such shifts are bound to take place, as evidenced by our ongoing partnership discussion with Experian which will, through our API, enable real-time account data extraction for credit risk assessment.