Lunar, a Nordic challenger bank, has teamed up with TrueLayer, an open banking payments network.
This strategic partnership is driven by the goal to revolutionize the payments landscape across Denmark, Sweden, and Norway. By leveraging Lunar’s Nordic payment infrastructure and TrueLayer’s expertise in open banking payments, this collaboration aims to enhance instant payment capabilities in the Nordics and introduce innovative financial solutions in the region.
Lunar’s contribution lies in its robust Nordic payment infrastructure, which includes banking services and API solutions. Being one of the few banks with Nordic banking infrastructure and clearing permits, Lunar provides vital access to cross-border payments and clearing in the region. TrueLayer, on the other hand, brings its instant account-to-account capabilities and expertise in open banking. This partnership enables TrueLayer to extend its services to the Nordics, tapping into the region’s digitally-forward consumer base.
The partnership marks a significant milestone, with TrueLayer becoming the inaugural major partner to leverage Lunar’s Banking Services. This collaboration is set to unlock a highly complex banking environment, allowing more banks and FinTechs to operate in the Nordics. The joint effort is expected to foster innovation, competition, and access in the Nordic financial sector.
Lunar CEO Ken Villum Klausen stated, “In many ways the Nordics is a difficult region to enter for international banks and fintechs. By opening our infrastructure to partners we unlock a highly complex banking environment and enable more banks and fintechs to do business in the Nordics. Our technology and banking service offering accelerates innovation and competition in the region as we enable some of the most innovative powerhouses to enter the Nordics and compete with local incumbents.”
Paiak Vaid, VP of Global Partnerships at TrueLayer, commented, “Truelayer will extend its instant account-to-account capabilities to the Nordics, empowering merchants to offer enhanced payment experiences to their consumers.Through this partnership with Lunar, we will help resolve access barriers for international merchants in Nordic markets, tapping into the region’s digitally-forward consumer base.”
Source : Fintech Global