Open banking data vendor Neonomics has lodged a complaint with the Norwegian Competition Authority, accusing the country’s banking sector of engaging in anti-competitive practices within the payments market.
Neonomics, which holds authorization as a licensed payment institution from the Norwegian FSA, claims that banks are undermining the objectives of the EU’s Payment Service Directive PSD2 by intentionally restricting access to vital payment markets.
The complaint alleges that Norwegian banks have collaborated to obstruct access to direct debit payments, sidelining new entrants and maintaining a monopoly over the AvtaleGiro product offered by Mastercard Merchant Services.
Furthermore, Neonomics contends that banks have implemented unreasonable pricing and terms for essential services, such as client accounts and delegated strong customer authentication (SCA), creating formidable barriers for third-party providers aiming to compete with bank-led solutions.
The company also asserts that the banking sector’s efforts to hinder fair competition include providing subsidies and preferential terms to established players such as Vipps, Visa, and Mastercard.
Christoffer Andvig, founder and CEO of Neonomics, stated, “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 behavior 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.”
He is calling on the Norwegian Competition Authority to conduct a comprehensive investigation and implement measures to ensure a level playing field.