Open Banking to fuel charitable transactions in the Nordics

Open Banking
Credit: atk work, Shutterstock

In a bid to boost the way charities across the Nordics receive funds, Open Banking provider, Neonomics and BetterNow, a Danish-based white-label fundraising platform, have come together in a new collaboration. 

As a result of the deal, the two companies will leverage Open Banking powered payments to many of the largest charity organisations across the Nordics.

Jesper Juul Jensen, CEO at BetterNow, commented on the link: “Open Banking can revolutionise the way charities and charitable causes big and small interact with donors with the immediate benefit being faster and more efficient payments. Neonomics shares our customer-centric approach and we are excited to expand this offering across our growing network.” 

It comes as transactional costs continue to be cited as a key pain point, something the group looks to eradicate. Furthermore, charitable donations in many Nordic countries are tax deductible and BetterNow’s white label platform seamlessly enables this functionality at scale.

Christoffer Andvig, CEO at Neonomics, added on the collaboration and its potential impact on the sector: “We have been working with many charities directly to showcase the long-term value of integrating open banking offerings. 

“With BetterNow, we are directly addressing customer pain points much more broadly than ever before. By streamlining payments, we can further help fundraisers by leveraging the data created to improve and expand how they promote and raise funds in innovative ways.” 

The timing of the deal also takes on significant importance with charitable donations being as pivotal as ever to the most vulnerable in society during a challenging economic period. 

Furthermore, it follows a trend of the Nordic regions embracing Open Banking and its widespread benefits at a faster rate than the rest of Europe. Other global regions have sought to follow the lead of Scandinavia in the way consumers have embraced Open Banking across sectors.