15.10.2024 OSLO, NORWAY and LONDON, UK – A pioneer in open banking, Neonomics unveils an innovative new product suite launched as Nello, with the goal to bring open banking to the next level through AI-driven solutions and seamless payments. Launching across the EU and the U.K., Nello Pay and Nello AI aims to transform the way businesses and consumers interact with financial services to deliver unprecedented insights, automation, and security, enabling users to experience a smarter, faster, and more seamless way to complete payments and manage their finances.
What is Nello AI?
Nello AI is a Personal Finance Manager app founded by a team at Neonomics frustrated with legacy financial services not having consumers in mind. With the cost-of-living crisis and large corporations pushing consumerism, Nello is built using modern open banking and AI technology to help customers spend on things that matter to them.
“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 personalized payments, insights and predictions when it comes to your bills, budgeting, investments, mortgages and loans, alone or with your family. No matter your starting point, Nello’s unique approach will help you make better informed financial decisions, without the bore. Think earning streaks for sticking to your budget, months in review, scoring your spending, predictions, proactive budgeting and AI-powered Nel to chat with and help you with your finances.” – Christoffer Lund, Head of Product at Neonomics.
Nello AI will be available as a white-label integration for financial institutions and others to easily integrate. They may leverage one-off features or the whole spectrum of offerings, to support their efforts to increase engagement within their own banking or insurance apps. Nello will also launch as its own standalone app in 2025, to further build on the unique learnings that come from interacting with end consumers directly.
What is Nello Pay?
Nello Pay is an efficient, easy-to-integrate payment service powered by open banking — now faster, smarter, and ready to meet the evolving demands of modern payments. After years of pioneering in open banking and with over two years of market success with their Checkout solution, Neonomics launches Nello – a reimagined solution optimized for exceptional performance, effortless integration, and an elevated user experience. Nello Pay will be the first to offer payment guarantees where supported by banks, automated due dates, loyalty boosts and real-time payment statuses. Although designed to be a seamless pay by bank experience, Nello Pay will be one of the first open banking solutions to have an additional option to pay by card. With the goal of converting end users from card to Pay by bank, it is important to enable and control the flow and work with merchants to incentivize end users to make the switch.
“This upgrade represents more than just an enhancement – it’s a bold step forward. 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 Lund, Head of Product at Neonomics.
CEO’s Remarks
Christoffer Andvig, CEO of Neonomics adds about the launch of Nello “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. We’re leading the charge to make open banking something like you’ve never seen before, and top-of-mind for consumers.”
