Neonomics and Movitz Payments strengthen Pay by Bank security with integrated payee verification

Already deployed in Finland, the collaboration is planned to expand across the Nordics in 2027 as Neonomics continues to advance payment security.

Neonomics, the European open banking and Pay by Bank provider, has integrated Movitz Payments' Verification of Payee (VoP) technology into Nello Pay in Finland, with plans to expand to Sweden, Denmark and Norway in 2027. The initiative reflects Neonomics' commitment to going beyond regulatory compliance to strengthen security and improve the payment experience.

Nello Pay enables businesses to accept account-to-account (A2A) payments online, allowing consumers to pay directly from their bank accounts. Pay by Bank is used for over 27% of online payments in Finland (Worldpay 2026). By integrating VoP into the payment flow, Neonomics adds a layer of protection by checking whether a recipient's name matches the associated account details before payment.

Beyond compliance: building more secure payments

The EU's Verification of Payee requirements introduce an additional safeguard against misdirected payments and certain types of fraud. For Neonomics, meeting regulatory requirements is a starting point, with continued investment focused on anticipating emerging risks and improving payment security.

VoP has been operational in Nello Pay in Finland for just over a year and is used by some of the country's largest payment platforms. While onboarding merchants with only a few payees is relatively straightforward, larger platforms managing numerous sub-merchants can face greater challenges. Neonomics has therefore integrated VoP checks into its onboarding process and introduced merchant self-checks to reduce name mismatches before payments reach payers. Once a payee is verified, Nello Pay displays a green “verified” badge next to the merchant.

Neonomics is preparing to extend the capability to Sweden, Denmark and Norway ahead of the regulation coming into force in July 2027.

Extending verification across the payment journey

Integrated through Nello Pay, Movitz Payments' technology allows businesses to use payee verification without building a separate integration. When a discrepancy is detected, the payer can be alerted before proceeding, helping reduce payment errors and certain types of fraud.

The companies are also exploring how payee verification could support payouts to customers across sectors including lending, investment, savings and marketplaces, where confirming recipient details is an important part of the payment process.

"The payments landscape is evolving quickly, and security needs to evolve with it. Verification of Payee helps address a fundamental risk by checking whether the recipient's name matches the account details provided. Through our work with Neonomics, this capability is integrated into Nello Pay, helping businesses combine efficient Pay by Bank payments with an additional layer of protection. We see further opportunities to build on this foundation as verification becomes an increasingly important part of the payment experience across Europe," says Magnus Hedenberg, CEO and co-founder of Movitz Payments.

"At Neonomics, we believe staying ahead in payments means looking beyond what is required today. Regulation establishes important standards, but our focus is on continuously improving our solutions, strengthening security and anticipating what businesses and their customers will need next. Our deployment of Movitz Payments' Verification of Payee in Finland is one example of that approach. With plans to expand the partnership across the Nordics in 2027, we're continuing to advance Nello Pay so that security and a seamless payment experience go hand in hand," says Alfonso Munoz, CEO Neonomics.

About Neonomics

Neonomics is a leading European open finance platform powering the next wave of digital finance with intelligent financial insight, enriched account data, and seamless payments. Founded in Oslo, Norway, in 2017, the company provides full‑stack open finance infrastructure designed for regulatory compliance, reliability, and AI‑ready innovation across the financial ecosystem. Neonomics’ PSD2 API network connects more than 3,500 banks across 30 European markets, delivering one of the most secure, high‑performance open finance foundations in the region.

For more information about Neonomics visit www.neonomics.io

About Movitz Payments

Movitz Payments is a Sweden-based fintech specializing in payment modernization for banks and financial institutions. Through a single API and white-label components, Movitz embeds payee verification, payment tracking, case management, and anomaly detection into banks' existing channels, helping them prevent fraud, meet regulations like Verification of Payee, and deliver more transparent payment experiences, without rebuilding their core systems. Movitz partners with Swift, J.P. Morgan's Kinexys (Liink Confirm), Tieto, SEEBURGER, and IBM among others.