Neonomics and Axactor harness open banking to power next-generation debt management services

By Joy Dumasia

Axactor, one of Europe’s debt management providers, has selected Neonomics unified API platform, starting with the Norwegian market, to further strengthen its next-generation approach to debt collection by simplifying and streamlining how consumers manage their payments and financial data.

Digitalizing how companies across Europe ensure they receive payment for services rendered has been Axactor’s key focus since its founding in 2015. Developing and implementing innovation has seen the company become one of the fastest-growing debt management providers in Europe.

Through this partnership, Neonomics enables end-users to connect their bank accounts, initiate payments directly through Axactor’s platform, and complete repayments within the security architecture of the consumers’ bank. Reducing complexity for consumers and costs for businesses.

Axactor Group is a next-generation debt management company operating in Norway, Sweden, Finland, Germany, Spain and Italy with an ambitious growth strategy. Axactor acquires and collects on its portfolios of non-performing loans and provides debt collection for third parties.

Neonomics is an open banking innovator giving the power of financial services back to consumers via the most advanced unified PSD2 API tech stack and bank API coverage map in Europe. The company is connecting over 150 million consumers to over 2000 banks.

Speaking on the collaboration, Arnt André Dullum, Chief Operating Officer at Axactor, said: “We believe open banking will transform the way we look at cost-efficiency within our industry, benefiting both businesses and consumers. In Neonomics, we have found a partner that can support us to ensure consumers have a secure and easy to understand experience.”

IBS Intelligence recently reported that Huawei continues to identify new routes for innovation in the financial services industry; it has announced plans to enable Open Banking services on AppGallery through a new partnership with Neonomics, the pure API platform provider.