Tieto develops Finland’s first real-time mobile payment platform for Automatia
Today’s announcement makes Siirto first-ever real-time payment platform with open payment interfaces as described for EU’s PSD2. The interface allows any licensed payment service provider within the financial ecosystem to offer a multi-bank payment service for customers via one application. With this new platform already adhering to PSD2 regulations that will be adopted in 2018, Finland improves its already eminent status as an incubator for future payment innovations. With the real-time payment service banks and other payment services providers can bring new services to the Finnish market - enabling consumers’ real-time money transfers from mobile-to-mobile between different banks. New real-time mobile payment platform will be able to replace cash in the near future and will provide an alternative to cards payments in online and physical stores.
“Modern consumers are demanding real-time services in all aspects of their everyday life. 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 the various banks in seconds. This will dramatically change consumers’ payment behaviour,” says Marko Vilo, the Managing Director of Automatia.
Tieto has designed and built Siirto in collaboration with Automatia and its partner banks. Tieto has also been providing its expertise in creating 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. We have created an ecosystem where Fintech companies, banks and other payment providers, can innovate and offer new payment options for their customers, says Sami Uski, Head of Banking & Digital Channels business development in Tieto.
Siirto will only require end-users to have a mobile phone number for sending or receiving money - all transfers will occur in real-time on the user’s bank account. The new platform will work across all the payment service providers that are associated with Automatia.
Similar multi-banking and real-time services, like Swish in Sweden, have been greatly successful among consumers. The first Finnish banks are expected to launch their own mobile payment services, based on Automatia’s Siirto platform, in March 2017.