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Huawei to embed Open Banking services in app marketplace with Neonomics

Source: Neonomics

As Huawei continues to identify new routes for innovation in the financial services industry, it has today announced plans to enable Open Banking services on AppGallery through a new partnership with Neonomics – the leading pure API platform provider.

The partnership will boost AppGallery’s vision of driving innovation and providing better financial services to partners and customers: bringing digital financial services to every person, every home, and every organization, for a healthy financial life through industry partnerships. With over 90 million MAU in Europe and 560 million MAU worldwide, the collaboration means AppGallery partners can leverage Open Banking services to provide a growing global userbase with improved, more competitive payment solutions, leading the European app ecosystem space.

Huawei, alongside Neonomics, has begun testing several Open Banking features across payments and data services with selected partners in the Nordics, preparing to extend this opportunity to partners across Europe.

For AppGallery users in Europe, the partnership promises to provide enhanced financial services across different apps. Developers will now have access to the tools they need to connect customers to their bank accounts within each app, enabling faster, more secure, account-to-account payments and more. AppGallery partners can leverage highly secure data aggregation services through Neonomics directly, avoiding technical interfaces with third parties altogether, including Huawei. Applying Open Banking technology to an app is also expected to reduce costs, benefitting developers as well as their customers.

Huawei believes Open Banking is key to supporting the continued growth of AppGallery and the broader financial services industry, while supporting its vision of driving innovation and providing better financial services to partners and customers.

Speaking on the collaboration, Siri G. Børsum, Global VP, Financial Vertical, Global Partnerships & Eco-Development Business Dept, Huawei Consumer Business Group said " After looking at many of Europe’s Open Banking players, we chose to work with Neonomics because of its unmatched API platform performance, as well as its reach capabilities to support our partners across Europe.” Adding, “Above all was the cultural fit, which is paramount in our partnerships, through our shared vision and collaboration we will provide consumers with more choice and financial empowerment."

Data privacy and security remains a priority for Huawei and a key feature of the collaboration; those integrating with Neonomics for Open Banking services will also receive a wide range of security features to use within their apps. Features include advanced authentication and system integrity checks, as well as fake user detection and Huawei’s own localised service distribution and deployment policies. Users can be further reassured by the fact that they have total control of their personal data as it’s never processed outside of each device.

Speaking on this landmark agreement, Christoffer Andvig, CEO of Neonomics said, " We are proud to work with Huawei, which is investing heavily in powering the future of financial services. We have a shared belief in customer centricity and collaboration and, with our technical infrastructure at the core of the value proposition, this partnership strengthens our growth across Europe and into other key markets. We believe we now have all the building blocks in place to offer a growing customer base a more efficient means of maximising the next generation of Open Banking services. "

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