SDC has licensed the Tink account aggregation app for use by its 120 member banks in Sweden, Norway, Denmark, Finland and the Faroe Island, making money management smarter and easier for 2.5 million customers in the Nordics.
Approximately 75% of bank customers in Norway and 25% in the rest of the Nordic countries has two banks or more. The partnership with Tink aims to give customers a holistic overview over all of their finances in one interface - regardless of where they bank, providing access to over 220 banks in the countries stated through one single API.
Additionally, SDC is integrating Payment Initiation to offer its member banks the ability to help their customers move money between accounts in one interface, instead of having to switch between apps to do transfers and payments.
Sille Stener, Area Director at SDC said: “We are developing a new digital self-service platform for our bank’s end customers. Our mission is to enable our members to empower their customers to make smarter decisions about their finances, based on total overview of their finances - and we’re delighted to be partnering with Tink to achieve this."
SDC’s member banks will get access to Tink’s account aggregation API from August starting in Denmark, Sweden, Norway and the Faroe Island, later adding Finland as well as the payment initiation capabilities.
Tink raised EUR56 million in funding in February with the ambition of further expanding its European connectivity beyond the Nordics to be present in 20 markets by the end of 2019. SEB, Nordea Ventures and ABN Amro's Digital Impact Fund are all investors in Tink, which scored its first UK deal with NatWest earlier this month.