The Neonomics Group has completed the acquisition of Ordo, the UK-based open banking payments and data service provider.
Founded by the former management team of the UK Faster Payments scheme, Ordo is an FCA authorised open banking payments innovator and one of the very first to be licensed as such in the UK.
Ordo delivers a wide range of payments and data services including variable recurring payments and is an official crown services supplier.
Collaborations enhance interoperability and security across borders, and with the upcoming release of the Payments Services Regulation (PSR) in combination with the third Payment Services Directive (PSD3), this shift to more cost efficient, legacy-free payments and data services will only continue to grow.
Founded by the award-winning team responsible for opening up access to Faster Payments, the team at Ordo has played a central role in shaping the UK’s Open Banking market. It remains at the heart of regulatory development today, pushing boundaries in the work now being led by the FCA.
Having successfully delivered low cost instant single payments and fully hosted and managed Variable Recurring Payments, Ordo is demonstrably striving for a better deal for UK businesses and consumers.
Neonomics says it was seeking a strategic partner to further accelerate its growth and expand its ability to offer services in the UK and beyond. With this acquisition, Neonomics says both itself and Ordo can exploit existing synergies to satisfy business needs. Ordo’s strong UK payment propositions, including fully functioning unrestricted Variable Recurring Payments (VRP) capability, together with the knowledgeable team behind it, made them ideal partners for Neonomics and their vision for a more open and connected economy.
Fliss Berridge co-founder and Managing Director of Ordo, said: “We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe. The two teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment at what we believe will be among the industry’s most competitive commercial terms.”
Christoffer Andvig founder and CEO of Neonomics, added: “The team at Ordo represents some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve. This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”
