Neonomics files complaint to Norway’s competition authority over alleged “anti-competitive practices” in country’s payments market
Norwegian open banking payments and data firm Neonomics says it has filed a formal complaint to the Norwegian Competition Authority over allegations of “a series of anti-competitive practices by Norwegian banks, domestic and international financial services providers as well as additional actors which operate under ownership and control of the Norwegian banks”.
Neonomics files complaint to the Norwegian Competition Authority
In a statement, Neonomics says: “PSD2, implemented in Norway in 2019, aimed to foster competition and innovation by enabling new entrants to offer payment services. However, Norwegian banks have actively undermined these goals, limiting access to critical payment markets.”
The company alleges that “Norwegian banks have coordinated to block access to direct debit payments, effectively excluding new entrants from competing with the monopoly of the established AvtaleGiro and e-faktura from payment giant Mastercard”.
Neonomics further alleges that Norwegian banks have “applied unreasonable prices and terms for essential services” and “unfairly favoured established providers”.
The company claims that these alleged practices “hinder the availability of innovative payment solutions, restrict consumer choices, and increase costs for merchants”.
Christoffer Andvig, founder and CEO of Neonomics, says: “The actions of the Norwegian banks not only undermine the core principles of PSD2 but also stifle competition, innovation, and choice in the payment services market. This behaviour harms consumers and businesses alike, while protecting entrenched interests. We urge the competition authorities to act decisively to restore fair competition and ensure compliance with both EU and Norwegian regulations.”
Founded in 2017, Neonomics is a licensed payment institution serving businesses across Europe. The company has secured partnership agreements with investment platform Kameo and Facit Bank this year.
