Nordea has extended its open initiative to Sweden, enabling third party developers access to customer data via APIs.
Last year, Nordea become one of the first banks in Europe to see the potential opportunities offered by PSD2 (Payment Services Directive) regulations by launching its Open Banking platform. Under the new regulation, banks will be obliged to provide licensed third parties with secure access to customers’ accounts.
Since launching in Finland late last year, more than 2500 developers have registered to test the APIs. The bank’s latest move will give developers the possibility to begin building applications designed for both Finnish and Swedish customers.
Following the launch, test data is available to everyone in Nordea’s Developer portal. To access real customer data, third parties are required to obtain a PSD2 licence from the relevant national financial authority.
Casper von Koskull, CEO of Nordea, said: “We’ve decided to embrace open banking – and not just for the sake of compliance with the latest PSD2 regulations. We see open banking as a huge opportunity to create better financial solutions. We know that co-creation with third parties will be essential to innovation and that’s why we’ve opened our APIs to everyone, even our competitors. We’re combining our extensive knowledge and resources with the agility of developers to drive innovation.”
Developers will be able to use the Account Information Service (AIS) API where they can retrieve account information details and initiate payments through the Payment Initiation Service (PIS) API. The end users, Nordea customers, will be able to authenticate themselves, and give consent to the third-party providers to access their accounts.
Following the launch in Sweden, Nordea’s open banking team is now working on extending the services to other counties, with Denmark and Norway next on the list.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
