Open Banking is a very important initiative in the finance industry. Nordea is in the process of expanding this service to Sweden. This will allow for third-party development of applications and interfaces. Developers will also be able to access customer data through APIs.
Open Banking has been an interesting concept to keep an eye on. Slowly but surely, it continues to become more commonplace in Scandinavia. Open Banking is already live in Finland, and now Sweden will be introduced to this new standard as well. This is taking place courtesy of Nordea, a respected bank offering exposure to this technology on a growing scale.
Bringing Open Banking to all of Scandinavia
In the coming months,Nordea will introduce Open Banking to Denmark and Norway as well. Through native APIs, developers can access customer data and develop new financial tools alike. Nordea aims to capitalize on the changes to the European payments landscape through the PSD2 initiative. Banks are now forced to provide third parties with secure access to customer accounts.
Nordea CEO Casper von Koskull adds:
“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.”
The Open Banking launch across Finland has been a big success so far. Over 2.500 developers are registered and testing the APIs. As this API platform comes to more countries, cross-border banking solutions can be created in the process. Unifying the Scandinavian financial ecosystem can unlock a lot of potential. More importantly, it can greatly improve the lives of both consumers and retailers alike.