Neonomics combines AI and Open Banking

Neonomics, a provider of account aggregation and payment initiation APIs, has just introduced Nello, an AI-powered product suite combining Open Banking and smart payments solutions. Hailing from the Nordic countries, Neonomics works with businesses across the UK and Europe, and will therefore be offering its new solution in this territory.

FACTS

• The new Nello product suite from Neonomics comprises :
  • Nello Pay, a payment service based on open banking and AI, combining tools for automating payments with pre-established due dates and other loyalty programs. Nello Pay is based on the Pay by Bank or card payment model;
  • Nello AI, presented as a personal finance management application, the service should provide its users with information and forecasts concerning their bills, budget, investments, mortgages and loans.
• Nello AI is white-labeled for direct integration into the banking applications of Neonomics' financial institution partners.
• Nello Pay is offered in the UK and Europe, while Nello AI is open on a waiting list basis for the time being.
• Nello will also be launched as a stand-alone application in 2025.

CHALLENGES

• Revolutionizing PFM: above all, Nello is set to transform the way businesses and consumers interact with financial services. Neonomics intends to offer clearer information, automation and greater security to optimize financial management.
• Optimizing banking applications : Neonomics is planning to offer BtoBtoC products aimed at private individuals, in order to better cover the needs of this target group. Nello AI can be integrated into banking applications on a white-label basis. Financial institutions will be able to choose whether to exploit certain functionalities or the entire offering, in order to optimize their financial monitoring and management services, and ultimately increase the commitment of their end-customers.

MARKET PERSPECTIVE

• Neonomics confirms its European ambitions, but had already assured the deployment of its offerings in 2022 when it signed an Open Banking commercial partnership with Worldline to federate nearly 3,500 banking establishments in 22 countries across Europe.

• The promise of combining Artificial Intelligence and Open Banking technologies is nothing new. Prior to Neonomics, Bunq had already teamed up with MasterCard last June to bring AI to Open Banking. At the time, Bunq offered Finn, an intelligent personal assistant designed to simplify budget management, not only for Bunq accounts but also for external accounts “hosted” on the application.