IBOS member Nordea’s Open Banking is now live.
During the autumn, Nordea’s Open Banking team has worked together with more than 1,000 external developers, who have tested and given feedback on the open APIs and associated services. This makes Nordea the first Nordic bank to offer its pilots access to real customer data.
Nordea is now starting a piloting period in which selected third parties will build applications on top of the APIs and, together with pilot customers, they will confirm that all aspects of the Open Banking solution work as expected. Pilot data is currently limited to Nordea’s Finnish customers, but will soon be expanded to include customers throughout the other Nordic countries.
Claus Richter, Head of Cash Management Solutions at Nordea, commented:
“Together with fintechs and other external developers, we aim to create new products and services for our customers at a faster pace than we could do by ourselves, while keeping customers firmly in control of what data they wish to expose and which products they wish to use. That hard work has paid off, and we are proud to be the first Nordic bank to offer our pilots access to real customer data.”
The third-party applications will be able to use the Account Information Service (AIS) API, where they can retrieve account information details and initiate payments through the Payment Initiation Service (PIS) API. The end users will be able to authenticate themselves, giving consent to the third-party provider to access their accounts.
Introducing selected pilot participants to customer data in this limited way will enable Nordea to work closely with the third parties and continue to receive their feedback and improve the services. More selected third parties will, on a rolling basis, be included throughout 2018.
Read the full press release, via Nordea, here.