Around 100 representatives from the banking and fintech industries gathered at Nordea’s Copenhagen office to celebrate the launch into sandbox of the first commercially viable Open Banking product, Instant Reporting, and the opening of APIs in Denmark to developers.
Sarah Häger from the Nordea Open Banking community welcomed the guests to the after-work event introducing the program of speakers and panelists: “We are really looking forward to showing you what we are working on and to have a discussion with you on how we see open banking evolving.”
"This is another inspiring night celebrating our commitment to and progress within Open Banking with the fintech community, showcasing the latest development.," says Claus Richter, head of TxB Solutions at Nordea.
Development for customers
Claus Richter was the first speaker of the evening. In his presentation he focused on taking the next steps in Open Banking: “One of the starting points for what we do in Nordea is to understand how we can work together in the open banking world and how fintechs can benefit from what the financial industry does and vice versa in delivering solutions to our customers.”
Nordea has just launched Instant Reporting into Sandbox, providing corporates with real-time access to their account balances. Shortly thereafter it was announced, that the Danish APIs were open giving licensed third parties access to the developer platform and its data and enabling the development of future offerings to Danish customers. The Nordea Open Banking platform and its APIs are now open in Finland, Sweden and Denmark, and next step is Norway.
“We aim to remain a front runner in open banking and we have three focus areas in 2019, which are compliance, value creation, and platformisation, which steers how we engage with others from a technology point of view and how we collaborate with partners such as fintechs,” says Claus Richter.
His predictions for open banking going forward were that the financial industries are in 2019-2020 moving into a phase where concrete solutions are being launched in the market and this period will be make it or break it for the banks, where the benefits of open banking will become very real, and there will be an uptake in solutions brought to market thereafter.
Demonstrating own APIs
The co-hosts from Oracle shared their view on next generation API driven innovation and commercialization, before moving on to a live demonstration of how the APIs that Nordea makes available to third-party developers, can be used in real life. Among other, demonstrating an application where customers can log in, via e.g. Facebook, and get access to their account balance and transactions at Nordea via third parties. Also, third-party developers will be able to create their own accounts and do transactions such as payments from the account.
Ketchup effect in services
The evening ended with a lively panel debate between experts from Nordea and Oracle and the CEOs of the fintech Crediwire and Copenhagen Fintech about the needs and opportunities in Open Banking. Under the moderation of Sarah Häger, the panel discussed their expectations to open banking and its opportunities in 2019 and beyond. There was a belief that the financial industry is right now in the early trial and learning phase of working with APIs and that new or familiar players from other areas will enter the arena, leading to a potential ketchup effect in services and applications starting in 2020.
For more information about Open Banking in Nordea, go to nordeaopenbanking.com.