Siirto, a new Finnish fintech platform designed and implemented by Tieto on behalf of Automatia. The real-time multi-bank mobile payment platform was launched in Finland by three of the country’s top banks, OP Bank, Nordea and Danske Bank, according to a release.
“The Siirto payment platform is a major step forward in digital banking and real-time payments in Finland,” ensured Tieto Head of Banking & Digital Channels Business Development Sami Uski. “We have created an ecosystem where Fintech companies, banks and other payment providers, can innovate and offer new payment options for their customers.”
Siirto requires end-users to have a mobile phone number for sending or receiving money both online and phone-to-phone, with all transfers occurring in real-time on the user’s bank account. The platform is similar to the successful Swish platform in Sweden which is credited with ushering the country towards a cashless status — a 40% drop in the use of notes and coins has spurred the Swedish central bank to contemplate the issuance of its own digital currency to counteract the decline. Cecilia Skingsley, deputy governor of the Riksbank had told the Financial Times that concerns over monetary policy and financial stability in a digital cash economy has spurred a project to explore the potential of the development of an ‘ekrona’. Countries in the Nordic bloc seek to be the flag bearers for the cashless economy.
“We are creating Finnish payment service history, and enabling consumers to transfer money between the various banks in seconds. This will dramatically change consumers’ payment behaviour,” commented Automatia MD Marko Vilo.
The PSD2-ready platform offers an open interface to connect any licensed payment service provider to the service, with the expectation that it will provide the foundations for a new payments ecosystem within Finland.