Finnish e-commerce has a long-standing bank-link payment tradition, known locally as verkkomaksu, where shoppers tap their own bank's logo at checkout and complete payment through online-banking authentication. Here are the adoption criteria for using it as a first step toward earning local consumer trust.
The long-standing default for online payments in Finland is bank-link payment (verkkomaksu): the shopper selects their own bank, such as OP, Nordea, or Danske Bank, at checkout, is redirected to online banking, and approves the payment there. Because it requires no card details and completes with bank authentication alone, it remains the most familiar and trusted online payment route for Finnish consumers.
It's the first method worth considering for merchants entering the Finnish market for the first time and needing to build local customer trust, or for stores targeting shoppers reluctant to leave card details behind. The role differences from general SEPA bank transfer, the umbrella open-banking method Pay by Bank, and the open-banking PSP Trustly are covered in the FAQ below.
When the shopper selects their bank at checkout, they're taken to that bank's login screen, authenticate with their banking credentials, and approve the transfer. The merchant is notified of payment completion as soon as it's approved, so shipping or service delivery can proceed right away. Hecto Financial receives the transferred funds in euros (EUR), converts them, and settles with the merchant in Korea in the contracted currency—USD, KRW, or JPY.
Integrating through Hecto Financial lets a merchant based in Korea consider accepting bank-link payments without signing individual link agreements with each Finnish bank. Bank coverage, settlement cycles, and fees vary by industry and transaction volume, so they need to be confirmed before signing a contract.
※ This section describes the general integration process and does not guarantee that a specific merchant can actually integrate. Please confirm exact coverage and fees through consultation.
Confirm whether a contract is possible on a Korea-based business basis
Integration method and priority differ depending on your mix of online channels—own site, marketplaces, mobile apps, etc.
Check in advance whether your products fall under restricted categories per the Online Banking Finland operator's merchant policy
Confirm compliance with EU payment rules such as PSD2 and SEPA (see official sources below)
Funds transferred via bank-link payment are received by Hecto Financial in euros (EUR), converted, and settled with the merchant in Korea in whichever currency—USD, KRW, or JPY—was selected under contract. Because it's transfer-based, there are no chargebacks, but refunds are executed by the merchant as a return transfer, so a refund process and turnaround time for handling the EU's 14-day withdrawal requests should be set in advance.
Hecto Financial's team will help you review the right combination of payment methods for the Finnish market.
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