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IBOS member bank Nordea has announced that the Bank is launching Instant Reporting, a new Open Banking solution that enables corporate customers to access their own accounts and integrate real-time data with their own systems and processes.

PSD2 (Payment Services Directive) is an EU directive that requires banks to open to third parties to offer their services to the Bank’s customers, which the intention to increase competition in the banking sector and is often called Open Banking. This is the first offering from Nordea that moves beyond legal requirements in PSD2 and transforms Open Banking into a commercially viable product.

Instant Reporting is initially launched in both Sweden and Finland.

Giving companies access to their accounts, balances and transactions allows them to complement their current file-based systems simply by connecting to the Application Programme Interface (API) – Instant Reporting. Each time the customer logs on to their system, they will access fresh real-time data.

Read the full article via Nordea here