Northmill Bank joins Swedish Central Bank’s payment system RIX

By Megha Bhattacharya

Swedish neobank Northmill Bank recently announced that it has become a member of the Swedish Central Bank’s payment system- RIX. The payment system’s membership is expected to allow the neobank to add a range of new banking products and features to its banking offer, as well as adding extra layers of relevance and customisation.

Hikmet Ego, co-founder and CEO at Northmill Bank commented, “Becoming a member of RIX is a comprehensive process, during which we have been vetted, tested, and finally approved by the Swedish Central Bank. It strengthens our independence and gives us, as a cloud-only bank, great opportunities to add new types of banking products, with an emphasis on relevance and personalization for all.”

Northmill Bank has also connected with the data clearing system and Bankgirot in a bid to offer products such as transaction accounts, the possibility to pay invoices directly in the app and make transfers between accounts.

Hikmet Ego commented, “I believe that RIX and Bankgirot to many people are associated with very traditional banking services, and that is, of course, something we will offer our customers. But we will also be able to use our innovation and technical capacity to bring products to the market that do not exist today. It is very exciting to be part of creating intelligent and personal banking products for everyone. We already have a product team exploring the opportunities, and testing various technologies.”

Recently, Northmill Bank announced the launch of customised service for people with hearing impairments. The new development aims to assist customers with their everyday banking needs. The Bank developed the new solution in-house and has made it available for its 200,000 customers.

Northmill Bank AB was founded in 2006 and acts under the supervision of Finansinspektionen, the Swedish Financial Supervisory Authority, and is subject to the Banking and Financing Business Act.