Backed by DNB and Danske Bank, Nordic API Gateway has opened its payment initiation service, designed to help third-parties build instant account-to-account payment services for both businesses and consumers.
A spin-off from Danish finteh Spiir, the service operates as a one-stop-shop for integrating with bank APIs in the Nordics.
DNB and Danske Bank invested EUR5.2 million in the data sharing utility back in December.
The first product off the production line provides a smart way to initiate payments directly from account to account for clients from across a wide array of industries such as retailers, international banks, ERP providers, and fintech startups.
Chief revenue officer at Nordic API Gateway, Michael Juul Andersen says: “The demands from consumers and businesses in the Nordics and around Europe for instant account-to-account payments are fast arising, and we’re already seeing some really interesting third-party solutions that will compete with traditional banks and card schemes to redefine and disrupt the payments industry as we know it. Our customers will be able to offer faster and more secure payments with substantial cost savings compared to the traditional card transaction fees."
He says the firm is close to announcing its first major customer using its payment service API in the Nordics. Later this year, it plans to expand its infrastructure to other European market starting with the Netherlands.