Nordea is to release an API which enables corporate customers to download their accounts and transactional data into their own systems, marking the first commercially viable product to emerge from the bank's foray into Open Banking.
The Instant reporting AI is is the first offering from Nordea that moves beyond legal requirements in PSD2, providing customers with fresh real-time account data each time they log in to their own inhouse file-based systems.
Gunnar Berger, head of Nordea Open Banking, says: The exciting thing with our new product, Instant Reporting, is that it gives corporates the chance to directly access their real-time data which will have a big impact on the way they organise their businesses, freeing up valuable time and resources."
The API will initially be made available in Sweden and Finland, with roll out to Danish and Norwegian accountd in 2019.
Nordea’s Open Banking platform was launched at the end of 2017. The bank says more than 3,300 developers have so far registered to experiment with its expanding suite of APIs.