Nordea prepares for PSD2 with first iteration of Open Banking portal

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STOCKHOLM/COPENHAGEN – Nordea has released the first version of its Open Banking portal targeted towards external developers. Currently the site has limited functionality but selected pilot activities will be conducted through the portal during 2017, in advance of a full launch.

In releasing the Open Banking/Open API portal, Nordea not only moves to meet the Payment Services Directive (PSD2) requirements – under which banks need to provide third parties with access to customer accounts upon their approval – but also takes the lead position in the Nordic market in the Open API area.

As a first move towards a fully-functioning developer portal and community hub, Nordea has published the first iteration of the open webpage where developers can register to start their collaboration. The move makes Nordea one of the first movers in the Nordics to openly state their Open Banking vision, with the bank ready to embrace the opportunities presented by the changing banking landscape and through collaboration with fintechs.

“Open Banking will fundamentally shift banking in the way Internet Banking did more than a decade ago. We will see many new ways of distributing banking products. In the end, this creates more choice and value for customers. By opening up to developers, Nordea is seeking to actively collaborate with third parties and industry innovators to co-create future banking services for our customers,” comments Jarkko Turunen, Head of Open Banking at Nordea.

The portal will act as the channel for dialogue with partners and third-party developers. The portal launch is planned for Q1 2018, but already during 2017 several pilot activities will take place.

“We see this as an opportunity to embrace the changing landscape. Our goal is to strengthen our collaboration with fintechs and go beyond the regulation by providing premium APIs which fit the needs of customers. Open Banking will provide our customers with various new products and services, while keeping the customers firmly in control of what data they wish to expose and which products they wish to use. Nordea will continue to be a relationship bank and as such we are putting our customers first,” concludes Turunen.

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