Neonomics secures $4m for open banking

Neonomics, a major player in open banking, just secured $4 million in fresh capital. This news matters to retailers because it signals the continued stability and growth of the technology that powers modern payment methods. Open banking is the engine behind Pay-by-Bank and instant credit decisions. These tools help you lower transaction fees compared to traditional credit cards. The company recently cut its operating costs by half. This makes them a more sustainable partner for merchants looking for long-term payment stability. For you, this means the infrastructure supporting lower-cost checkout options is becoming more efficient. As these fintechs mature, they provide faster, more secure ways for your customers to pay directly from their bank accounts. Reliable open banking providers are essential for the next generation of consumer financing. They allow for real-time affordability checks. This helps you approve more customers for financing without increasing your risk. If you are currently paying high interchange fees, keep an eye on providers like this. They are building the tools that will eventually make traditional plastic cards less necessary for high-ticket purchases.

Source: Finextra — Lending

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