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Wallet Database


7th of February 2017


  • Summary: Siirto is an account to account mobile payment solution for PTP payments operating in Finland only and launched in March 2017. All transfers occur in real time on the user’s bank accounts. Siirto is collaboration between TietoAutomatia and the Finnish banks. Additionally, Siirto is also the first mobile payment platform to follow the new rules for open payment interfaces (PSD2) two years ahead of the actual implementation date in Europe. This makes it possible for any EU licensed payment service provider to offer payments across the banks regardless on which Siirto member bank the account is opened.

  • Website

  • Status: Live

  • Market: Finland (Mar ’17)

  • Type: Other

  • Ownership: Siirto has been developed by Automatia, which is owned by OP Bank Group, Nordea Bank and Danske Bank. The system which allows real-time mobile payment interface has been developed by Tieto. Siirto is open to all Finish banks and other payment service providers.

  • Functions: P2P payments only

  • Payment Mode: Account to account

  • Channel: SMS

  • Roadmap: Retail payments (WEB and in-store) 

User Experience

  • Registration & set up: Siirto app can be downloaded from Google Play and App Store. Users must link their mobile phone number and bank account number to the service. Additionally, users also must have access to online banking. The service is currently available for Nordea and S-Pankki customers. Other banks are expected to join, as Siirto is an open solution.

  • Making a payment: As Siirto is an open solution, it allows its users both to make payment between users of different banks, and users of the same bank.  Users either select a recipient (who previously has registered as a Siirto user) from their contact list or introduce recipient’s telephone number directly and accept the payment. Users do not need to know the recipient’s bank account number, as payment is made using a telephone number which is linked to recipient’s bank account. Funds are transferred in real-time.

Payment Flows & Technology

  • Merchant perspective: Siirto is not yet available for merchants. It will mean a more convenient and cost-effective payment method than payment cards for merchants, receiving funds in real-time and avoiding fees for accepting payment cards.

  • Security: (Update to follow – Further information being obtained)

Business Model

  • Strategy: (Update to follow – Further information being obtained)

  • Payee fee:  (Update to follow – Further information being obtained)

  • Payer fee: (Update to follow – Further information being obtained) 

Performance Data

  • Launch date: Finland (Mar ’17)

  • Closed Date: n/a

  • Users: n/a

  • Retailers / merchants: n/a

  • Transaction volume: No data yet

  • Transaction value: No data yet

  • Other data points: No data yet


Contact (MobeyForum Members only)

  • Name: N/A

  • Address: N/A

  • Email: N/A

  • Phone: N/A