OP-Nordea joint venture to make e-invoice, online payment easier okayed

The Finnish Competition and Consumer Authority (FCCA) has approved a plan, which will make easier to send and receive e-invoices, and to perform consumer-to-consumer and consumer-to-business online payments, on the basis of mobile phone numbers, said OP in a press release on Tuesday.

As per the plan Siirto Brand Oy, which is fifty-fifty owned by OP and Nordea, will expand its operations.

This Finnish joint venture will overcome payment challenges, by enabling consumers to make phone number-based payments using apps provided by the banks and other market actors.

In addition, the joint venture will provide services for merchants and companies.

The next stage is completion of the acquisition, after which the company will become operational.

“Naturally, we are delighted by the FCCA’s approval. Our society needs more payment development solutions jointly developed in Finland’s financial sector; our venture will meet this need,” said Masa Peura, Senior Vice-President, Everyday Banking of OP in a the press release.

“It’s great that we can go ahead with the company and get it up and running this year. Now is the time to bring all market participants into this joint network. It’s hugely important that we get started on developing Finnish solutions together, to make payment easier,” said Jani Eloranta, Head of Personal Banking Finland of Nordea.