“We saw that PSD II opened up for new opportunities,” says Christoffer Andvig, CEO and founder of Neonomics. “Very early on we developed this purely from an API perspective, so no screen scraping and no reverse engineering. Last April we did a proof-of-concept with all the banks in Iceland performing AIS and PIS functionality and once the RTS on PSD II came out in November we also built a SCA, or strong customer authentication solution with consent management. What we believe is that by building a network of banks connecting all of them into one unified API that would cater for new network opportunities in the market both allowing banks to innovate like fintechs and fintechs to scale like banks.”
“[My advice to startups is] to never give up, to iterate and to asses the market as you move along and stick with it,” says Christoffer Andvig, CEO and founder of Neonomics.
Enabling collaboration and partnerships between banks and new FinTech entrants is the way forward in this era of open banking according to Christoffer Andvig CEO & Co-founder of Olso-based Neonomics.