Finnish IT firm Tieto has partnered with ATM firm Automatia to launch a new multi-banking platform for mobile payments. Named “Siirto”, the platform was designed and implemented by Tieto – with the backing of Finland’s banks – and complies with all new EU regulations, including PSD2.

The system’s interface will allow any licensed payment service provider to offer a banking service to customers through a single app installed on their devices. Siirto only requires a user’s phone number to verify transactions between two mobiles or between a mobile and a bank. It is hoped that the system will provide the basis for a new payments ecosystem.

“We are creating Finnish payment service history, and enabling consumers to transfer money between the various banks in seconds,” says Marko Vilo, Managing director of Automatia. “This will dramatically change consumers’ payment behaviour.”

The first set of Finnish banks to use Siirto as a base are expected to implement their own payment services in early 2017.

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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