IBOS member Nordea has taken a major step by extending Open Banking to Sweden.
Open Banking in Sweden will allow developers the possibility to begin building applications designed for both Finnish and Swedish customers.
Nordea’s Open Banking platform was launched at the end of 2017, when Finnish customer data was made available to third party developers. Nordea was one of the first banks in Europe to see the potential opportunities offered by PSD2 (Payment Services Directive) regulations, which require banks to open up to third parties to offer services to account holders.
Since the launch of Open Banking, more than 2,500 developers have registered to test Nordea’s APIs.
Following the launch, test data is available to everyone in Nordea’s Developer portal. To access real customer data, third parties are required to obtain a PSD2 licence from the relevant national financial authority.
Nordea’s Open Banking team are now working on extending the services to Denmark and Norway. Developers 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. Nordea customers will then be able to authenticate themselves and give consent to the third-party providers to access their accounts.
Read the full press release via Nordea here.