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ViaBill uses open banking to double credit limit for BNPL consumers

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Danish online payment platform ViaBill has doubled the credit limit for new “buy now, pay later” (BNPL) customers from 270 to 540 euros. The company’s partnership with European open banking account information services provider (AISP) Nordigen has enabled this great leap in facilitating additional BNPL opportunities. ViaBill has been in the business of  empowering customers in Denmark, Spain and the United States to make purchases by paying in interest-free installments since 2014. The company has been taking various steps behind the scenes to expand its business, and Nordigen’s reliable open banking data analysis and insights are a huge step toward this goal.

“We’ve had a great experience with Nordigen and we’re incredibly pleased that open banking solutions and access to consumer data are now important pillars in our Credit Worthiness Assessments. This allows us to lend more money to the right customers, which is how we grow our business,” says ViaBill Program Manager Filip Grzejszczyk.

The BNPL industry has experienced rapid growth over the last year. In order to provide a smart and efficient service, companies need to have access not only to consumer banking information, but also to understand the data in milliseconds. The new partnership with Nordigen allows ViaBill to provide a fast and secure service, while helping consumers finance more expensive purchases.

“Viabill is among the leading BNPL providers in Europe and together we’re pushing the limits of what is possible with open banking data. We’re excited to support them in disrupting the traditional credit market,” says Rolands Mesters, Nordigen CEO and Co-founder.

ViaBill directly enables online e-commerce shops that offer their services at the checkout stage to sell a broader range of products by including those that have a higher price point in their business model. At the same time, it’s also a great solution for consumers who can’t always afford to make an expensive purchase all at once. ViaBill now uses Nordigen’s banking data insights to approve consumers, who can then pay in ten interest-free installments and manage their purchases with the user-friendly MyViaBill application.

About Viabill

Since 2014, ViaBill has empowered merchants and shoppers with ‘buy now, pay later’ payment solutions. ViaBill delivers a convenient, flexible and competitive online payment option to shoppers in Denmark, Spain and the United States. Payments are split into installments and paid back over time, interest-free. At ViaBill, our goal is simple: we want to provide understandable, affordable and fully transparent financing to consumers. ViaBill is working to change online shopping for the better. We truly believe we can help people to live better lives on a budget by providing smarter, and more straight-forward payment options.

About Nordigen

Nordigen offers the first free open banking API in Europe providing connections to all major European banks. Since launching in 2016, Nordigen has been an industry leader in building solutions for turning raw transaction data into actionable insights.  The company is licensed account Information Service Provider (AISP), authorised in 31 European countries.

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