Montonio partners with Episode Six to expand open banking offering
Montonio, an ecommerce checkout orchestration platform, has today announced a partnership with payments technology company, Episode Six, to bolster its open banking offering in the Nordics. Leveraging Episode Six’s Tritium® platform, Montonio is creating a modern, future-ready payments ecosystem that breaks the barriers of traditional card processing and acquiring. It will enable Montonio’s merchant customers to reduce the cost of payments and dramatically reduce payment times.
Montonio offers ecommerce merchants a payment solution based on open banking which can considerably cut costs compared to traditional payment methods. In the Nordics, a region renowned for payments innovation, Montonio holds a strong position in open banking, having established bilateral agreements with many of the major banks in the area. However, for Montonio and its customers to really reap the rewards, it was essential for them to reach and recruit merchants with larger transaction volumes. To do that, they needed a payment technology partner to provide them with a digital ledger that ensures payments can flow instantly between buyer and merchant accounts and support chargebacks when troublesome transactions occur.
Episode Six’s platform, Tritium®, is built from scratch and offers unmatched flexibility. Tritium is equipped with over 550 APIs that help develop, customise, and launch tailored payments products and services. Episode Six will enable Montonio to effect chargebacks automatically and efficiently for any problematic transaction. As these payments are irrevocable, there’s no chargeback risk for merchants and banks. Fraud becomes a non-issue as account-to-account payments rely on the banks’ own security. This minimises costs associated with reconciliation and chargebacks.
“To help us unlock further growth, we needed a payment technology provider that could support our open banking service,” said Kristofer Turmen, co-founder and CTO at Montonio. “We’re constantly looking to provide our merchant customers a more positive and innovative payments experience. By partnering with Episode Six and leveraging its flexible solution, we’re now able to do just that. This partnership also means we can cater to larger merchants with higher transaction volumes.”
“Our partnership employs open banking and the concept of a digital marketplace to create a modern payments ecosystem that breaks the barriers of traditional card processing and acquiring. The project particularly excites us because it aligns with Episode Six’s vision of redefining possible in payments,” said John Mitchell CEO and Co-Founder of Episode Six. “It’s also a key milestone for Episode Six, as we’re marking our expansion into the Nordics, a highly progressive region for payments. We’re looking forward to working with a brand such as Montonio, and excited for this partnership to flourish.”
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