Automatia announced Wednesday (Nov. 16) it launched what it said is Finland’s first real-time multi-banking platform for mobile pay. The new platform is dubbed Siirto and was designed and implemented by Tieto.
Siirto is an open payment platform that follows new regulations set by EU’s Payment Service Directive (PSD2). The interface enables any licensed payment service provider to offer a multi-bank payment service for customers via one application. With real-time money transfers from mobile to mobile between different banks, it will eventually be able to replace cash and provide a cash alternative to card payments online and in 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 behavior,” said Marko Vilo, managing director of Automatia, in the press release.
In order to access Siirto, consumers have to have a mobile phone number for sending or receiving money. All of the 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, the company said in the press release.
“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,” said Sami Uski, head of banking and digital channels business development for Tieto, in the press release. The company said the first Finnish banks are expected to launch their own mobile payment services, based on Automatia’s Siirto platform, in March 2017.