Svea Finland, Nordic API Gateway partner to boost e-commerce checkout

Payment service provider, Svea and open banking platform Nordic API Gateway have formed a new partnership to help streamline e-commerce checkout for merchants in Finland, according to a press release.

The EU directive known as the Revised Payment Services Directive is meant to regulate payment services and payment service providers throughout the European Union and European Economic Area.

As PSD2, is set to simplify the payment ecosystem across Europe, payment service providers like Svea are starting to look into the opportunities of providing new account-to-account payments to let merchants initiate instant payments from the customers' bank account to the merchants' bank account. In this way, merchants can steer clear of expensive credit card fees while simplifying the payment process and increasing security for consumers.

The growth in account-based payments is apparent. A year ago, Nordic API Gateway processed tens of thousands of payments monthly; now it processes more than half a million PSD2 payments monthly for customers like OP Financial Group, Checkout Finland, Danske Bank, DNB, Lunar and more.

"The payment industry is developing at a high pace and we want to stay on top and ahead of these developments at Svea. We've been looking into open banking opportunities for a while and are happy to take the next steps in partnering with Nordic API Gateway to deliver, expand and explore new opportunities in the e-commerce landscape." Tomas Lundqvist, director of strategic partnerships and products, Svea Finland said in the release.