19 June 2018
Visit www.avoka.com

Nordea takes Open APIs into live production

13 December 2017  |  12254 views  |  1 web programming

Nordea is to give selected third parties access to live customer datasets as it moves into the final stages of its Open API pilot trials.

Unveiled in early spring, the API platform is Nordea's effort 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.

During the autumn, Nordea picked through the hundreds of developers to have expressed an interest in the programme and began further testing in a sandbox environment with a limited number of participants.

The bank says it is now ready to connect the APIs to its production system and open up access to account information from its Finnish customer database.

“The new PSD2 regulation will fundamentally change banking. It is not a fad. Banking will be different as from 2018, when banks have to open up to third parties to offer services to account holders,” says Erik Zingmark, co-head of transaction banking in Nordea. “We view PSD2 as an opportunity, which is why we have made a significant effort in the building of the Open Banking platform. We see possibilities to offer our customers new services together with partners, and we could offer our customers services in geographies beyond our home region.”

The next stage will see third party applications use an Account Information Service API to retrieve and initiate payments through a Payment Initiation Service API. The end users will be able to authenticate themselves, giving consent to the third-party provider to access their accounts.

“Together with fintechs and other external developers we aim to create new products and services for our customers at a faster pace than we could do by ourselves - all while keeping the customers firmly in control of what data they wish to expose and which products they wish to use.” says Claus Richter, head of cash management solutions at Nordea. “That hard work has paid off, and we are proud to be the first Nordic bank to offer our pilots access to real customer data.”

Comments: (1)

Brian Little
Brian Little - William Watson and Co. Limited - Chester 13 December, 2017, 13:03

Well done, Claus, to you and your PSD2/Open Banking team at Nordea.

Be the first to give this comment the thumbs up 0 thumb ups!
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

Nordea to deploy AI to speed up customer service

Nordea to deploy AI to speed up customer service

07 July 2017  |  12010 views  |  0 comments | 24 tweets | 17 linkedin
Nordea begins API pilots

Nordea begins API pilots

04 July 2017  |  13004 views  |  0 comments | 16 tweets | 17 linkedin
Nordea readies for PSD2 with Open Banking API site

Nordea readies for PSD2 with Open Banking API site

01 March 2017  |  22141 views  |  2 comments | 33 tweets | 55 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://info.nice.com/Visit www.abe-eba.eu

Who is commenting?

A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...

Top topics

Most viewed Most shared
10,000 jobs could be lost to robots says Citi10,000 jobs could be lost to robots says C...
48921 views comments | 44 tweets | 35 linkedin
Ripple exec says DLT not ready for banks...yetRipple exec says DLT not ready for banks.....
10728 views comments | 9 tweets | 32 linkedin
UK launches £2.5bn startup initiativeUK launches £2.5bn startup initiative
9634 views comments | 30 tweets | 26 linkedin
HSBC promises $17bn investment in technologyHSBC promises $17bn investment in technolo...
8465 views comments | 8 tweets | 21 linkedin
NatWest taps Open Banking for cardless online paymentsNatWest taps Open Banking for cardless onl...
8108 views 11 comments | 12 tweets | 12 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job