The Swedish neobank Northmill Bank, which improves people's financial life, has become a member of the Swedish Central Bank’s payment system, RIX.
It is a system used by all the major Swedish banks and a central hub in the Swedish financial infrastructure. The membership creates the opportunity to add a wide range of new banking products and features to its growing banking offer, as well as adding extra layers of relevance and personalization.
Hikmet Ego, co-founder and CEO at Northmill Bank commented: “Becoming a member of RIX is a comprehensive process, during which we have been vetted, tested, and finally approved by the Swedish Central Bank. It strengthens our independence and gives us, as a cloud-only bank, great opportunities to add new types of banking products, with an emphasis on relevance and personalization for all.”
The connection to RIX has been conducted in parallel with the connection to the data clearing system and Bankgirot, which are other vital parts of the Swedish payment infrastructure. These connections enable Northmill Bank to offer products such as transaction accounts, the possibility to pay invoices directly in the app and make transfers between accounts.
Hikmet Ego commented:
“I believe that RIX and Bankgirot to many people are associated with very traditional banking services, and that is, of course, something we will offer our customers. But we will also be able to use our innovation and technical capacity to bring products to the market that do not exist today. It is very exciting to be part of creating intelligent and personal banking products for everyone. We already have a product team exploring the opportunities, and testing various technologies.”