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Nordea Open Banking is live
Nordea, the Scandinavian banking group, has announced that over 1,000 external developers have completed testing of open application programming interfaces (APIs) and associated services bringing the bank one step closer to the world of open banking.
Nordea will now connect the APIs to its production system making it the first Nordic bank to offer its pilots access to real customer data.
With the PSD2 regulation coming into force in 2018, banks will be required to open up their customer data to third parties to offer services to account holders. Erik Zingmark, Co-Head of Transaction Banking at Nordea, said “we view PSD2 as an opportunity, which is why we have made a significant effort in building the Open Banking platform. We see possibilities to offer our customers new services together with partners, and we could offer our customers services in geographies beyond our home region”.
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 Finnish customers, but will soon be expanded to include customers throughout the other Nordic countries.
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. End users will be able to authenticate themselves, giving consent to the third-party provider to access their accounts.