Open Banking platform TrueLayer has announced a new partnership with challenger bank Lunar to deploy upgraded payments for customers across Denmark, Sweden and Norway.
Lunar first began the search for a partner in June 2023 to transform the payments landscape in the Nordics after a strong regional demand for competition. Teaming up with TrueLayer now sets the stage for increased innovation, with the firm’s Open Banking capabilities being leveraged to provide faster and more secure payments.
Paiak Vaid, VP of Global Partnerships at TrueLayer, said: “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.”
Lunar’s cloud-based banking infrastructure is also accompanied by clearing permits in Denmark, Norway and Sweden, allowing it to offer international third parties access to cross-border payments and clearing in the Nordics.
Ken Villum Klausen, Co-Founder and CEO of Lunar, added: “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.
“We have invested massively in our banking and payment infrastructure to be able to deliver the best everyday banking experience to our Nordic users.
“The interest we’re currently experiencing from the market shows that we have a compelling business opportunity in front of us, as we open the Nordics to the rest of the world.
“It will benefit both businesses and consumers, and our society at large, that the Nordics are now accessible for many more businesses globally.”