Tieto has designed and implemented the service. Siirto is an open payment platform which follows the new regulations set by EU’s Payment Service Directive (PSD2).
The interface allows any licensed payment service provider within the financial ecosystem to offer a multi-bank payment service for customers via one application.
More than that, with the real-time payment service banks and other payment services providers, can bring new services to the Finnish market, enabling consumers’ real-time money transfers from mobile-to-mobile between different banks. New real-time mobile payment platform claims soon it will be able to replace cash and provide an alternative to cards payments in online and physical stores.
Tieto has designed and built Siirto in collaboration with Automatia and its partner banks. Siirto will only require end-users to have a mobile phone number for sending or receiving money, all transfers will occur in real-time on the user’s bank account. The new platform will work across all the payment service providers that are associated with Automatia.
The first Finnish banks are expected to launch their own mobile payment services, based on Automatia’s Siirto platform, in March 2017.
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