Nordic bank prepares for the introduction of the latest banking regulations through a platform that is open to third parties.
Nordic banking giant Nordea has launched an open banking site for external developers in preparation for the revised Payments Services Directive (PSD2).
The “open banking portal” gives third parties access to Nordea’s application programming interfaces ( APIs) as well as a sandbox environment to test their services.
“PSD2 is driving banks to open up interfaces, APIs and data to third parties,” Jarkko Turunen, head of open banking at Nordea , told Computer Weekly. “ However, we at Nordea see this as a wider opportunity and aim to open more services going forward.”
Nordea hopes the open banking portal will put it in pole position to benefit from PSD2 and become the go-to hub for banking APIs in the Nordics.
In an effort to remove barriers to the market, the new directive, which comes into force in January 2018, requires all banks to provide licensed payment service providers with access to customer accounts upon approval.
The first APIs in Nordea’s portal will focus on payment initiation and account information, as required by PSD2, but currently the site offers only limited functionalities.
