Finnish financial services provider Nordea is taking open banking beyond Payment Services Directive (PSD2) with a new solution.
Image: Nordea launches new Instant Reporting API. Photo: Courtesy of Nordea.
Nordea said its instant reporting open banking solution allows corporate customers to access their own accounts and integrate real-time data with their own systems and processes.
It is cliamed to be the first offering from the company that moves beyond legal requirements in PSD2 and turns open banking into a commercially viable product.
PSD2 is an EU directive that requires banks to open to third parties to offer their services to the bank’s customers. This can increase competition in the banking sector and is also known as Open Banking. Nordea said that it sees this as an opportunity, rather than a legal requirement.
Nordea open banking head Gunnar Berger said: “We have been committed to Open Banking from the beginning because we could really see the potential for creating new products and services that bring value to our customers.
“The exciting thing with our new product, Instant Reporting, is that it gives corporates the chance to directly access their real-time data which will have a big impact on the way they organise their businesses, freeing up valuable time and resources.”
By giving companies access to their accounts, balances and transactions allows them to complement their current file-based systems by connecting to the Instant Reporting API. Each time a company logs on to its system it will access fresh data in real-time.
Instant Reporting is being initially launched in Sweden and Finland. The company plans to provide access to the new API across Danish and Norwegian accounts.
Nordea transaction banking head Erik Zingmark said: “After taking the leading position in Open Banking in the Nordics, I am delighted to see that we can now offer the first real commercially viable product from the project and one that has the potential to benefit many customers.
“This launch is just the first of many great products ahead resulting from Nordea Open Banking.”
Nordea launched its Open Banking platform last year and more than 3,300 developers are now registered to test its APIs.