Nordea is extending its Open Banking initiative to Sweden, giving third party developers access to customer data via APIs.
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.
Since launching in Finland late last year, more than 2500 developers have registered to test the APIs. The latest move means that third parties can begin building applications for both Finnish and Swedish customers. Next up is Denmark and Norway.
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.
Casper von Koskull, CEO, Nordea, says: "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."