Debt collection service Coeo Inkasso selects Neonomics to provide Open Banking-enabled debt collection in Norway
In a significant move for the Norwegian debt collection industry, Coeo Inkasso, a part of the coeo Group, has partnered with Neonomics, a Norwegian open banking payments and data platform, to introduce a payment solution for debt collection. This partnership aims to streamline the debt collection process, providing faster, more secure, and customer-friendly payment processes that improve debt recovery outcomes and operational efficiency.
Coeo Inkasso, led by CEO Charlotte Surén, is known for its commitment to innovative solutions when launching in new markets. The company is part of the coeo Group, which is based in Germany and has a presence in eight countries. The group recently expanded to Norway after entering the Swedish market in 2022.
The heart of this partnership lies in Neonomics' Open Banking-driven solution, 'Nello Pay'. Nello Pay leverages Payment Initiation Services (PIS) enabled by open banking APIs to allow debtors to make direct payments from their bank accounts quickly and securely, bypassing traditional card-based or manual payment methods. This leads to faster settlements, lower transaction costs, and reduced friction in the payment process.
For debt collectors like Coeo Inkasso, this means higher collection rates while improving the debtor experience by offering a smoother, more transparent way to repay debts. Neonomics supports such solutions by providing seamless, real-time connectivity to banking systems via secure APIs, enhancing integration speed, reliability, and scalability.
The benefits of this partnership extend beyond streamlined payments. Improved decision-making is achievable by accessing comprehensive and real-time financial data to better understand debtors’ payment capacity and behavior. Enhanced compliance and security are ensured through standardized, regulated open banking frameworks. Cost reductions are possible through automation and fewer payment defaults, as open banking drives faster and more certain payments. Better customer engagement and trust are facilitated by enabling transparent, easy-to-use payment options tailored to consumer financial situations.
Trine Stefferud, head of partnerships at Neonomics, stated that debt collection is an example of immediate benefits Open Banking can provide for businesses and consumers. The growing maturity and adoption of Open Banking in Norway is encouraging, according to Neonomics. Neonomics is currently working with businesses across Europe, delivering payment initiation and account information services.
The collaboration between Coeo Inkasso and Neonomics is being hailed as a step forward in modernising debt collection payments in Norway. By integrating Nello Pay, Coeo Inkasso is simplifying the way people can resolve their debts, offering a secure, automated, and user-friendly solution.
Further reading can be found in the news about Norway's Neonomics acquiring the UK Open Banking platform Ordo. Last month, Nordic real estate investment platform FundingPartner also enabled faster and more secure payments using Neonomics' Open Banking solutions, citing a reduction in administrative costs and a better user experience for its investors, by removing manual payment steps. Neonomics is excited to support Coeo Inkasso in streamlining payments through Nello Pay.
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