A joint venture by OP and Nordea has been approved by the Finnish competition authority
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 Finnish Competition and Consumer Authority (FCCA) has approved a plan through which Siirto Brand Oy, which is fifty-fifty owned by OP and Nordea, will expand its operations. Siirto Brand Oy will make it 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.
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,” says Masa Peura, SVP, Everyday Banking at OP.
“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,” says Jani Eloranta, Head of Personal Banking Finland at Nordea.
Invitation to media briefing:
We invite media representatives to a media briefing by OP and Nordea, where further details will be provided on the joint venture’s services, activities and management.
The media briefing will be held at 9.00 on March 4, 2025, in Helsinki. Further information will be announced separately.
Registrations: Markku Haavisto, markku.haavisto@op.fi. Please register by Monday, 3 March 2025.
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