SpareBank 1 picks Nets to help meet PSD2 Open Banking compliance

Norwegian bank group SpareBank 1 has picked Nets Access to Account Services (NAAS) to support its open banking infrastructure.

The group, which is made of 14 savings banks, will integrate the NAAS platform to gain access to all bank accounts in Norway and the rest of Europe for payment initiation and account information. This will all be achievable through a single API and give the group the ability to develop new services for customers.

PSD2 has a final deadline of 14 September and from then, banks and third-party providers will be able to retrieve information from different sources and provide consumers with better offerings and information on finances.

Nets is an open banking solution developer which provides banks with various technology opportunities to support PSD2 and the digitalisation of their operations. Financial institutions can leverage Nets to access card processing, consumer management services, instant payments, card schemes and fraud protection tools.

In addition to this, Nets helps a bank prepare for open banking with its account access API which can open up their systems to other players in the market, while maintaining security measures.

SpareBank 1 open banking product owner Kristine Ursfjord said, “We have chosen Nets as a strategic partner to ensure we can leverage all the opportunities that PSD2 presents.

“By using the Nets Access to Account Services, we will be able to easily access accounts in other banks, both in Norway and abroad. By doing so, we can develop and offer even better products and services for the customers of all banks in the SpareBank 1 alliance.”

With the deadline looming in, banks have been frantically trying to get their systems ready. Last week, Italian banking group UBI Banca teamed up with CBI Globe to meet requirements, and Fidor Bank teamed with Konsentus to meet compliance.

Worryingly, a study from Tink stated that none of the tested bank APIs released by the Jun 14 deadline have met quality requirements for PSD2. The API developer claims that of the 84 APIs it attempted to integrate into, none of them could meet the required demands.

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