Saldo Bank selects Lunar’s Nordic infrastructure to streamline payments for customers in Sweden
Saldo Bank, headquartered in Vilnius, Lithuania, has partnered with Danish neobank Lunar as it looks to leverage the latter’s Nordic payment infrastructure to “streamline payments and increase automation” for its customers in Sweden.
Saldo Bank selects Lunar’s Nordic infrastructure
The partnership will see Saldo Bank gain access to Sweden’s local payment systems through Lunar’s API solution.
Lunar’s Nordic payment infrastructure will enable Saldo to facilitate incoming and outgoing transactions in Swedish kronor using local clearing services while also offering consumers access to a wider variety of payment options, including the mobile payment system Swish, which launched in Sweden in 2012.
Made available to firms for the first time last year, Lunar says Saldo is the first bank to leverage its infrastructure, joining a list of 14 current partners for which the neobank claims to process over 10,000 transactions daily.
Saldo first entered the Swedish market at the beginning of this year in an effort to build upon its existing footprint in Finland and within its home market of Lithuania.
It later selected Finnish issuer processor Enfuce in August to power its first payment card programme and issue around 60,000 custom-built open-loop Visa credit and debit cards.
“The collaboration with Lunar means that we expand our services in Sweden and offer faster and more cost-effective solutions for payments and deposits,” comments Saldo CEO Jarkko Mäensivu.
“By integrating Lunar’s infrastructure, we can automate our processes and provide customers with flexible alternatives such as Swish, reducing our costs and the need for customer support.”
Lunar, headquartered in Copenhagen, Denmark, is itself in the process of expanding its presence in Sweden following a €24.1 million capital raise led by “major existing investors” in May.
