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.”