Lowell Partners with Neonomics to Boost Payment Services

European credit management leader, Lowell, has announced a partnership with open banking provider Neonomics. The collaboration is set to enhance Lowell’s payment services and introduce account-to-account transactions in their Norwegian customer portal.

Aiming to Simplify Customer Payments

The partnership is part of Lowell’s mission to make credit work better for everyone. The goal is to streamline the payment process for customers while increasing cost efficiency across the entire value chain, from customer to merchant. Lowell plans to integrate account-to-account payments via their customer portal, known as “My Lowell.”

Benefits and Goals of the Partnership

Account-to-account payments are expected to provide Lowell with a greater cost-efficiency compared to traditional card payments. This decision is supported by the increasing adoption of account-to-account transactions in the Nordics. Tom Kjuusmoen, Operations Director at Lowell, explained that the partnership with Neonomics is a strategic move to enhance their payment solutions with the latest in open banking technology. He anticipates not only a reduction in transaction costs but also an improvement in the payment experience for customers.

Increasing Adoption of Account-to-Account Payments

Account-to-account payments have seen a rise in popularity across the Nordics and Europe over the past year. More merchants and financial institutions are leveraging the clear cost benefits, security, and ease of use associated with this innovative payment method. Christoffer Andvig, CEO of Neonomics, expressed his excitement about the partnership with Lowell, stating that enabling more consumers to benefit from paying directly via account-to-account payments will strengthen the entire credit management segment.