About Neonomics
Neonomics is a company that focuses on open banking and operates within the financial technology sector. The company offers services such as facilitating payments and providing financial data integration, all through a unified PSD2 API. These services primarily cater to the fintech industry, payment service providers, and banks. It is based in Oslo, Norway.
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Neonomics's Products & Differentiators
Payments
Save money with every transaction
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Latest Neonomics News
Dec 18, 2024
18th December 2024 Norwegian open banking payments and data firm Neonomics says it has filed a formal complaint to the Norwegian Competition Authority over allegations of “a series of anti-competitive practices by Norwegian banks, domestic and international financial services providers as well as additional actors which operate under ownership and control of the Norwegian banks”. Neonomics files complaint to the Norwegian Competition Authority In a statement, Neonomics says : “PSD2, implemented in Norway in 2019, aimed to foster competition and innovation by enabling new entrants to offer payment services. However, Norwegian banks have actively undermined these goals, limiting access to critical payment markets.” The company alleges that “Norwegian banks have coordinated to block access to direct debit payments, effectively excluding new entrants from competing with the monopoly of the established AvtaleGiro and e-faktura from payment giant Mastercard”. Neonomics further alleges that Norwegian banks have “applied unreasonable prices and terms for essential services” and “unfairly favoured established providers”. The company claims that these alleged practices “hinder the availability of innovative payment solutions, restrict consumer choices, and increase costs for merchants”. Christoffer Andvig, founder and CEO of Neonomics, says: “The actions of the Norwegian banks not only undermine the core principles of PSD2 but also stifle competition, innovation, and choice in the payment services market. This behaviour harms consumers and businesses alike, while protecting entrenched interests. We urge the competition authorities to act decisively to restore fair competition and ensure compliance with both EU and Norwegian regulations.” Founded in 2017, Neonomics is a licensed payment institution serving businesses across Europe. The company has secured partnership agreements with investment platform Kameo and Facit Bank this year.
Neonomics Frequently Asked Questions (FAQ)
Where is Neonomics's headquarters?
Neonomics's headquarters is located at Torggata 15, Oslo.
Who are Neonomics's competitors?
Competitors of Neonomics include TrueLayer, Vyne, Finqware, Open Payments, Enable Banking and 7 more.
What products does Neonomics offer?
Neonomics's products include Payments and 4 more.
Who are Neonomics's customers?
Customers of Neonomics include Experian, Digipost, Link Mobility and Kivra.
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Compare Neonomics to Competitors
Trustly Group focuses on open banking solutions in the financial services and payment processing sectors. The company provides products that facilitate payments, consumer onboarding, and risk assessment using bank-validated financial data. Trustly Group serves sectors including billers, eCommerce, financial services, and gaming. It was founded in 2008 and is based in Stockholm, Sweden.
Open Bank Project specializes in providing open banking technology solutions and operates in the financial technology sector. The company offers a platform for managing and securing APIs in compliance with global open banking standards, as well as services like regulatory advisory, API sandbox creation, and fintech hackathon organization. It primarily serves financial institutions and regulatory bodies. It is based in Berlin, Germany.
TrueLayer is an open banking platform that specializes in the financial services industry. The company offers a suite of products that enable instant bank payments, fast and verified payouts, streamlined user onboarding, and variable recurring payments, all designed to facilitate safer and more efficient financial transactions. TrueLayer primarily serves sectors such as e-commerce, gaming, financial services, travel, and cryptocurrency markets. TrueLayer was formerly known as Finport. It was founded in 2016 and is based in London, United Kingdom.
Yapily is an open banking infrastructure platform that specializes in providing secure connectivity between customers and banks across Europe. The company offers services that enable access to financial data and the initiation of payments, aiming to facilitate the creation of personalized financial experiences. Yapily primarily serves industries such as payment services, i-gaming, accounting, lending and credit, crypto, property technology (PropTech), investing, and digital banking. Yapily was formerly known as Acacia Connect. It was founded in 2017 and is based in London, United Kingdom.
Open Payments is a financial technology company specializing in open banking solutions. The company offers a unified application programming interface (API) that enables businesses to connect with multiple banks, facilitating payment processing, access to account data, and cross-border payments. Open Payments primarily serves businesses looking to integrate financial services into their operations, offering tools for account reconciliation, compliance, and enhanced user experiences. It was founded in 2017 and is based in Stockholm, Sweden.
Enable Banking is a next-generation Open Banking connectivity provider operating in the financial services industry. The company offers a secure and transparent API connection, enabling businesses to integrate with major banks and payment providers across Europe. This service allows companies to build seamless, next-generation financial products. It was founded in 2019 and is based in Espoo, Finland.
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