Nello AI and Nello Pay Debut in the EU and UK
Neonomics, a leading Open Banking provider licensed by the Norwegian FSA, has unveiled a cutting-edge product suite under the brand “Nello.” This suite is designed to transform how businesses and consumers manage finances, blending AI-driven insights with streamlined payment solutions. Nello AI and Nello Pay aim to create a more efficient, secure, and user-friendly financial experience, catering to both businesses and individuals.
What is Nello AI?
Nello AI is an innovative personal finance manager app developed to address the needs often neglected by traditional financial services. As consumers face rising living costs and the pressures of consumerism, Nello AI leverages Open Banking and AI technology to help users manage their spending more effectively.
Built on Neonomics’ vertically integrated banking API infrastructure across Europe and the UK, Nello AI provides personalized financial insights, payment automation, and future predictions. The app supports users with features like budgeting, bill management, investment tracking, loan and mortgage insights, and rewards for staying within budgets. Additionally, Nello AI offers proactive financial planning, monthly spending reviews, and an AI assistant named Nel to guide users in optimizing their finances.
A standout feature of Nello AI is its white-label integration, allowing financial institutions to incorporate Nello into their apps, enhancing user engagement. By 2025, Neonomics plans to release Nello as a standalone app to gather insights directly from consumers, improving the financial management experience further.
What is Nello Pay?
Nello Pay is a forward-thinking payment solution powered by Open Banking, tailored to meet the evolving needs of modern consumers. Following the success of Neonomics’ Open Banking Checkout solution, Nello Pay is designed for seamless integration and enhanced user experience, offering payment guarantees backed by banks, real-time updates, loyalty rewards, and automated payment reminders.
While the service focuses on simplifying pay-by-bank transactions, Nello Pay is one of the first Open Banking solutions to support card payments as well. Neonomics aims to guide businesses and consumers through the transition from card payments to the more efficient pay-by-bank method, working closely with merchants to incentivize users to adopt this change.
With these innovative tools, Neonomics is setting a new standard in the financial industry, combining the power of Open Banking, AI, and seamless payments to create a holistic personal finance management experience.
Christoffer Andvig, CEO of Neonomics, said about the launch of Nello, “Over the past two years, we have shifted towards a B2B2C model, and the launch of Nello will accelerate this strategy by putting end customers at the forefront. If end users aren’t adopting open banking, the entire ecosystem falls short. We’re leading the charge to make open banking something like you’ve never seen before and top-of-mind for consumers.”
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