Nordea takes a major step by extending Open Banking to Sweden. This gives developers the possibility to begin building applications designed for both Finnish and Swedish customers. “We see open banking as a huge opportunity to create better financial solutions”, says Casper von Koskull, CEO of Nordea.
Nordea’s Open Banking platform was launched at the end of 2017 when Finnish customer data was made available to third party developers. Since the launch of Open Banking, more than 2500 developers have registered to test Nordea’s APIs.
Extending Open Banking into Sweden gives 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.
“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”, says Casper von Koskull, CEO of Nordea.
Nordea’s Open Banking team are now working on extending the services to Denmark and Norway.
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.