Lunar and Saldo Bank have entered a partnership in order to transform Nordic banking and payment solutions.
Lunar, the Nordic challenger bank, announces a partnership with Saldo Bank, a fintech and banking provider.
Saldo Bank is reportedly the first banking institution to leverage Lunar’s Nordic infrastructure, using its platform to streamline local payment processes and increase automation “for their Swedish credit and deposit customers.”
The partnership will enable Saldo Bank to gain access to Sweden’s local payment systems through a single API, enabling transactions in local currency and “reducing friction” in inbound and outbound payments.
Following demand from payment providers, Lunar opened its Nordic payment infrastructure to partners in June of last year.
Since that time, it is being reported that Lunar has to date secured 14 key partnerships, with Saldo Bank becoming the “first” banking partner.
Lunar’s cloud-enabled banking platform and API solution aim to offer more seamless access to cross-border payments, “clearing services, and local payment networks throughout the Nordics.”
With Saldo Bank’s recent entry into the Swedish market in early 2024, this partnership enables the bank to “automate payment operations, access Sweden’s clearing system, and efficiently support local currency transactions for both businesses and consumers, positioning Saldo Bank for further growth across the Nordics.”
Customers are now expected to significantly benefit from expanded payment options, “including Swish, making transactions faster and more convenient.”
Ken Villum Klausen, CEO of Lunar, commented that the Nordic financial market presents “significant entry barriers” for international banks and fintechs, from “regulatory complexities to high operating costs.”
Ken added that they have developed their platform to break down those barriers and provide an efficient, streamlined solution.
Ken also noted that they are looking forward to having Saldo Bank as their first banking partner.
Ken further stated that this collaboration demonstrates how their technology simplifies access to the Nordic market, “enabling international institutions to grow and scale within the region.”
Since opening its infrastructure to partners, Lunar has forged alliances with industry participants such as the following:Trustly, TrueLayer, PPRO, Currencycloud (VISA-owned), and Viva.com.
Collectively, these partnerships reportedly handle mor ethan €250 billion in global transaction volume, with Lunar processing over 10,000 transactions daily.
As Lunar aims to become a more established interbank payment partner in the Nordics, it is presently in discussions with “potential partners” representing an additional €60 billion in global transactions.
At present, Lunar’s partners contribute to an “annualized” transaction volume exceeding €1 billion.
