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Tuesday, April 23, 2024
HomeNordic MarketsOpen Banking Takes the Wheel: Neonomics and Spense Supercharge Automotive Payments 

Open Banking Takes the Wheel: Neonomics and Spense Supercharge Automotive Payments 

Integrating Neonomics’ open banking payment solution into Spense’s services offers the end user a seamless and cost-efficient payment experience.  

Technological advancements propelled by shifting consumer expectations are driving significant transformation in the automotive industry. Within this dynamic landscape, one area that presents immense potential for improvement is the user journey. If we look at it in the realm of payments, open banking is quickly mobilizing as a disruptor in the payments industry offering a more seamless, secure and cost-efficient way for businesses and users to complete transactions, compared to card payments or manual bank transfers. 

“With the increase of automotive companies moving their purchase experience into online channels, businesses must enable a seamless purchasing process in order to retain increased purchasing traffic, increase conversion rates and stay competitive in the market,” states Christoffer Andvig, CEO of Neonomics.  

“As a forward-leaning company, Spense envisions that open banking payments will become one of the most popular choices for conducting financial transactions in the automotive industry.”

Jonas Lisgård, Founder of Spense

This realization forms the collaboration of Norway-based payment solution providers Spense and Neonomics, aiming to streamline open banking payments within the automotive industry by leveraging the capabilities of open banking technology. Neonomics, a provider of open banking solutions, and Spense, an innovative player in the field offering financial solutions for the automotive sector, are joining forces to revolutionize the way payments are made for high-value transactions such as purchasing cars and settling automotive repair bills.  

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“We envision a transformative future for open banking in the automotive sector, marked by seamless and secure transactions,” says Jonas Lisgård, Founder of Spense. “As a forward-leaning company, Spense envisions that open banking payments will become one of the most popular choices for conducting financial transactions in the automotive industry. Our partnership with Neonomics provides the technological foundation to offer our customers a cutting edge and secure payment method that aligns with the evolving demands of the modern consumers.” Spense has to date built an impressive customer and partner base including Porsche, Skoda, and Cupra. 

Elevated Customer Experience 

With Neonomics Pay-from-Account feature, Spense has broadened its range of customer journey options, in which customers can easily conduct direct account-to-account payments using BankID or other authentication methods without leaving their web browser.    

 “The foremost advantages are the time saved through real-time payment tracking, enhancing transparency and reducing uncertainties,” adds Lisgård. “This solution provides streamlined transactions, and the convenience of initiating payments directly from their bank accounts. This ensures a seamless and efficient payment experience for the end user. 

“With open banking, payments of large amounts can be handled seamlessly in a faster and more cost-efficient way for businesses and perform the rest of their communication with the car seller. Ultimately, this gives the seller and buyer full tracking ability of the payment.” 

Christoffer Andvig, CEO of Neonomics

The solution has proven to benefit both businesses and consumers when compared to traditional payment models. “With a traditional car purchase, the seller relies on a bank transfer to be made. When such a purchase is made through traditional online banking, the seller does not hold tracking of the payment, leading to potential errors throughout that process, which can also be time-consuming for both the seller and the buyer,” adds Andvig.

“With open banking, payments of large amounts can be handled seamlessly in a faster and more cost-efficient way for businesses and perform the rest of their communication with the car seller. Ultimately, this gives the seller and buyer full tracking ability of the payment.” 

Recommended: Explore the Future of Finance at Nordic Fintech Week

Streamlined Transactions 

At the heart of Spense’s payment solution development is a firm commitment to user experience. They understand the way in which customers interact during the payment process can directly impact their satisfaction and overall perception of their customers’ services. Therefore, they’re dedicated to eliminating unnecessary complexities in order to complete transactions. “User experience is a cornerstone of our payment solution development.

We prioritize creating intuitive and seamless experiences for our customers,” shares Lisgård. “By providing advanced open banking technology that streamlines transactions and offers real-time tracking, we are delivering a more efficient, secure, and user-friendly payment experience, aligning with our commitment to elevate customer satisfaction continually.” 

A promising future 

As open banking is slated to become a cornerstone of payment processes in the automotive sector, the way forward looks promising. “For Spense and Neonomics, this trend presents ample opportunities,” concludes Lisgård. “For Spense, it means being at the forefront of payment innovation, enhancing customer experiences, and expanding its user base. Neonomics benefits by showcasing its technological prowess and expanding its footprint in a rapidly growing industry, further solidifying its position as a key player in the open banking ecosystem.” 

  

Marria Qibtia Sikandar Nagra
Marria Qibtia Sikandar Nagrahttp://www.nordicfintehcmagazine.com
Marria is avid communication and content specialist with a decade-long experience delivering content services to B2B and B2C clients across a range of niches including but not limited to FinTech, Technology, Marketing, Insurance, e-Commerce, SaaS, and Mental Health. She specializes in curating both long-form and short-form content. Her expertise lies in helping her clients develop a robust online and print presence by generating social media traction and improving their search engine visibility.