Norway-based financial technology company Neonomics has unveiled a new product suite, dubbed Nello, to enhance open banking with AI-driven solutions and simplified payments.
The company will launch the Nello Pay and Nello AI products across the EU and the UK to change the way businesses and consumers interact with financial services.
Nello AI is a personal finance manager app created by a team at Neonomics frustrated with legacy financial services not having consumers in mind.
Nello Pay is an easy-to-integrate payment service powered by open banking, now faster, smarter, and ready to meet the evolving demands of modern payments.
The two products will provide users with insights, automation, and security, to experience a smart, fast, and more easy way to complete payments and manage their finances.
Neonomics product head Christoffer Lund said: “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.
“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.”
Neonomics will offer Nello AI as a white-label integration for financial institutions and others, with plans to launch the product as a standalone app in 2025.
It enables users to leverage one-off features or the whole range of offerings to support their efforts to enhance engagement within their own banking or insurance apps.
Nello Pay will be the first to provide payment guarantees supported by banks, automated due dates, loyalty boosts and real-time payment statuses.
It is designed to be a seamless pay-by-bank experience and is one of the first open banking solutions to provide an additional option to pay by card, said the financial technology firm.
Neonomics CEO Christoffer Andvig said: “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.”
