KapitalKontroll, an innovative Norwegian debt management and collection services provider partnered with Neonomics to launch a fully automated debt collection system that handles all payments through Neonomics’ open banking platform, enabling greater efficiency and security for its clients, which include a long list of Norwegian municipalities. and both small and large businesses across the country.

Up to 40 percent of the NOK 115 billion NOK Norwegian collection debt consists of fees and interest. For KapitalKontroll’s large clients, fees and interest amount to just 4 percent, as their main focus has been on providing a more efficient operating model. Municipalities across Norway benefit from KapitalKontroll’s low fee model, and will now also be able to offer end-users the ability to complete payments directly from their own bank accounts in a secure and easy-to-use way.

Kristoffer Årvik, CEO of KapitalKontroll, says: “We are excited to work with Neonomics to enable fast, secure and easy-to-use payments for our customers and end users. We look forward to working closely together to deliver and further develop the innovations within this space thanks to Neonomics’ combination of technical performance, cost and support”

Account-to-account payments are an ideal payment method for debt management service providers due to their efficiency and security for both merchants needing collection services and end users completing payments.

Speaking on behalf of Neonomics, CEO Christoffer Andvig said: “We are pleased to be working closely with KapitalKontroll to help further develop the great work they are doing in the debt management space. The combination of KapitalKontroll’s operating model and our open banking solution will help drive efficiencies throughout the business, benefiting all stakeholders in the value chain.”