22 August 2017
Visit http://response.ncr.com

Nordea readies for PSD2 with Open Banking API site

01 March 2017  |  18971 views  |  2 Hands on keyboard

Nordea has set up a site for developers to experiment with the bank's Open Banking APIs in a quest to become the "go-to hub" for banking APIs in the Nordics.

In launching an API platform, Nordea is seeking to capitalise on the ground-shaking changes to the European payments landscape envisaged under the forthcoming revisions to the Payment Services Directive (PSD2). Under the rules, banks will be obliged to provide licensed third parties with secure access to customers’ accounts.

States the bank: "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 your needs."

The first two APIs out of the hatch include a payments initiation API for integration with third party Web services and an account information API. The bank has set up a bespoke site where developers can register and request access to a sandbox environment for testing prior to live production.

Within 24 hours of going live, the site had registered 130 expressions of interest from third party developers.

Jarkko Turunen, Nordea's head of Open Banking says: "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."

The first iteration of the portal is active in pilot mode, with a full-scale launch planned for Q1 2008, in line with bank compliance deadlines for PSD2.

Comments: (2)

Paul Williams
Paul Williams - Blocksmiths - Dublin | 05 March, 2017, 15:45

"with a full-scale launch planned for Q1 2008, in line with bank compliance deadlines for PSD2."

If that's the case they're nearly a decade late. :D

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Michael King
Michael King - PeerPay Ltd - London | 06 March, 2017, 16:23

It seems that individuals are now more likely to be a victim of fraud than any other crime and that incidents of cybercrime and fraud keep growing.

To my knowledge, banks have invested a great deal of time and money into fraud and data protection but I have not seen or heard any commentary about how access to sensitive information will be protected when the whole thought around “open APIs” pushes the responsibility of privacy and data protection increasingly into consumers’ hands.

I look forward to being “enlightened”

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Starling releases Open API, talks up marketplace model

Starling releases Open API, talks up marketplace model

23 February 2017  |  12049 views  |  0 comments | 20 tweets | 19 linkedin
Nordea collaborates with local startup on smart savings app

Nordea collaborates with local startup on smart savings app

17 February 2017  |  6062 views  |  0 comments | 3 tweets | 2 linkedin
We want it now, not soon

We want it now, not soon

21 November 2016  |  5740 views  |  0 comments | 12 tweets | 17 linkedin
Nordea ditches Swipp m-payments for Danske Bank's MobilePay

Nordea ditches Swipp m-payments for Danske Bank's MobilePay

13 October 2016  |  9138 views  |  1 comments | 8 tweets | 12 linkedin
Nordea looking for AI and blockchain breakthroughs

Nordea looking for AI and blockchain breakthroughs

22 August 2016  |  11428 views  |  0 comments | 18 tweets | 21 linkedin
Nordea scouts for fintech startups

Nordea scouts for fintech startups

13 May 2016  |  8266 views  |  0 comments | 11 tweets | 6 linkedin
Nordea selects Accenture and Temenos for core banking overhaul

Nordea selects Accenture and Temenos for core banking overhaul

11 September 2015  |  12259 views  |  2 comments | 16 tweets | 20 linkedin
Nordea sets up fintech accelerator

Nordea sets up fintech accelerator

03 July 2015  |  13859 views  |  0 comments | 24 tweets | 15 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.abe-eba.eu

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12182 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10692 views comments | 22 tweets | 33 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10066 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9937 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
9810 views comments | 21 tweets | 34 linkedin