What is it?
Online Banking is an online real-time bank transfer and one of the most popular methods to pay online in Finland. By integrating Online Banking on a website, merchants offer their customers the possibility to pay directly from their Finnish bank account on a checkout page. Customers are redirected to their own bank’s online service to authorise the transaction and a payment confirmation will be triggered automatically after the payment has been completed, enabling merchants to release the order in real-time.
Why accept payments with Online Banking
Even though the usage of other digital payment methods is growing in the Finnish society, their online shopping habits are in some ways different from the other Nordic countries. Particular preferences on some payment methods over others are clear in Finland, with account-to-account payment being the preferred method for more than 50% of consumers.
Online Banking has been an essential part of the Finnish payment landscape since the early days of e-commerce in 1990’s and have kept its status as preferred payment method amongst the majority of the Finns. The opportunities created by the new Payment Services Directive (PSD2) and Open Banking initiatives are opening doors and growing the interest towards similar account-to-account payment solutions to be launched in other Nordic countries and in European countries as well.
Online Banking is currently available in Finland and only operates in euros (EUR).