Anna Frajtova - Fotolia

Finland’s Automatia launches real-time platform

Finnish ATM network operator launches a mobile payments platform that banks and service providers can offer their customers

Finnish ATM operator Automatia has introduced a mobile payments platform that enables people to make payments across banks via a mobile phone.

Automatia, which is owned by OP Bank Group, Nordea Bank and Danske Bank, announced Siirto, an open platform for payment service providers to offer customers payments to and from any bank from one mobile app

The Tieto-developed system is Finland’s first real-time mobile payment interface of its type.

All it will require of users is to have a mobile phone number for sending or receiving money, and all transfers will occur in real time in their bank account. This will support Finnish banks in meeting EU payment regulations.

In line with the EU’s Payment Services Directive (PSD2), which will come into force in 2018 to increase competition in the European payments sector, Siirto will allow banks and other payment services providers to bring new services to the Finnish market.

“Modern consumers are demanding real-time services in all aspects of their everyday life,” said Marko Vilo, managing director at Automatia.

That is why we are very excited and proud to launch Siirto, a new, real-time payment platform. With the help of Tieto, we are creating Finnish payment service history, and enabling consumers to transfer money between banks in seconds. This will dramatically change the payment behaviour of consumers.”

Read more about financial services evolution in the Nordic region

Tieto has created the common rules and guidelines for the mobile payment ecosystem.

“The Siirto payment platform is a major step forward in digital banking and real-time payments in Finland,” said Sami Uski, head of banking and digital channels business development at Tieto. “We have created an ecosystem where financial technology companies, banks and other payment providers can innovate and offer new payment options for their customers.”

This is another step towards cashless societies, where Nordic countries are leading the way.

Finnish banks are expected to launch their own mobile payment services, based on Automatia’s Siirto platform, in March 2017.

Read more on IT for financial services