Behind these innovations, are passionate people like Hannele Räsänen, Head of Nordic Payments Technology Requirements & Analysis, Magdalena Skołorzyńska, Head of Rollout Execution, Maciej Kowalczyk, Roll-out Manager for Card Simplification and Susanne Eriksson, Roll-out Manager in Cross border & Swift Service domain. They offer us a sneak peek into Nordea’s approach to tech payments. Behind the scenes, a combination of technologies, skilled professionals, and robust processes work together to create the seamless payment experiences we enjoy today.
Accelerating payment processing
Technology has made payment processing faster and more reliable than ever before. Magdalena sums it up nicely: “The transformation is clear in several key areas: the duration of payment processing, the number of parties involved, and the minimisation of manual work and human errors.”
Take Near Field Communication (NFC) technology, for example. It lets you make secure, contactless payments just by tapping your smartphone or card on a terminal. "This technology not only speeds up the checkout process but also enhances security by eliminating the need to swipe or insert cards," says Magdalena.
And it's not just phones. Wearable devices like smartwatches and fitness trackers are turning into payment tools, making transactions even more convenient. As people look for easier and faster ways to pay, “we need to cater our services to our consumers' growing demand for convenience and efficiency” adds Maciej.
Modernising banking at Nordea
"Payments are constantly changing, and that is the only constant", states Susanne. Nordea is all about keeping up with these changes, constantly innovating and always putting customers first. In the fast-paced world of financial tech, Nordea is leading the way in shaping the future of payments.
Instant payment solutions, which work 24/7, have really taken off. Hannele explains, "we achieved this by using modern tech stacks to build payment solutions that enable Nordea to comply with the Instant Payments Regulation." This regulation means that all payment service providers in the EU must offer the ability to send and receive euro payments within seconds, at any time.
Nordea is also simplifying its system landscape, focusing on the Nordic region. Hannele says, "we're transitioning from fragmented, country-based systems to a global, digital infrastructure." This big change requires a diverse team of banking experts and tech enthusiasts, all united by a passion for innovation.
The people behind the technology
While technology is crucial, it's the people who make it all work. Susanne loves the comprehensive view her job provides, saying, "we get the chance to follow payments from an end-to-end perspective, engaging with stakeholders across the value chain." Maciej, based in Poland, agrees, emphasising the importance of smooth transitions in payment systems. "Using Artificial Intelligence (AI) and Machine Learning (ML), cloud-based systems, APIs, and advanced security measures, we can automate processes, detect fraud, and optimise transactions in real-time," he says.
Hannele explains, "our IT analysts serve as bridges between technology and our business stakeholders, facilitating seamless translations of business needs into tech solutions." This teamwork creates an environment where everyone feels invested in doing their best work.
Exciting trends in payment technology
Hannele is particularly excited about instant payments possibly replacing card payments in the future. "Using account-to-account payments in mobile apps could eventually replace expensive card transactions," she says.
To stay ahead of consumer preferences, Nordea uses design thinking techniques like market research, guided by business partners, and engages with customers and industry events. Susanne points out that understanding and adapting to these changes is crucial for staying current with future trends.
Susanne explains, "working across all branches of Nordea, including international units, offers a great opportunity to learn a lot." Maciej adds that migrating payments from old systems to new platforms is particularly exciting, marking a significant step forward in payment technology.
Magdalena is proud of Nordea’s commitment to continuous improvement, noting, "Nordea provides a fertile ground for professionals to thrive, with ample opportunities for learning and networking."
