Swedish Banks move up one notch for secured online transactions

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Bank customers in Sweden will now move onto a new online banking transaction system .

Paymentwall, an all-new digital solution has made it easier for end-customers to access and operate banking facilities throughout the country’s leading banks. First off the block were Nordea Bank, SEB, Handelsbanken and Swedbank who have already put the infrastructure up and running.

The system provides ‘a safe and secure environment for online payments, bank transfers’ and ‘provides an essential option for any merchant looking to enter the Swedish market’, commented a Payment Partnerships Manager at Paymentwall.

“Users can pay directly from their preferred account and receive instant payment confirmation, without the need to enter sensitive credit or debit card details,” according to the insider source.

The facility enables transactions for the customer through four simple steps –

  1. Select the bank.
  2. Login to online banking.
  3. Choose preferred account and confirm the transaction.
  4. Products are delivered instantly

The Banking Market – Sweden
Within the 85% of the Swedish population that has direct access to online banking platforms, 35% when interviewed, preferred to do online facility for direct transactions. This data was received by a research team of Paymentwall.

What’s more, with a total coverage of all banks in Sweden soon going to be under the new system, merchants from all over the world can increase conversions and decrease chargeback rates from regular card payments by activating these online banking systems.

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