Outstanding Innovator in Payments
Nordea received the Outstanding Innovator in Payments award in recognition of an innovative Open Banking solution know as a Consumer Finance API (Application Programming Interface) developed in collaboration with the airline Finnair. The new solution supports the issuance of a Finnair branded credit card that gives Finnair customers the chance to earn extra loyalty points when making purchases with the card.
Finnair customers filling out an online application for a Finnair Plus Mastercard can now receive a response to their credit application in a couple of seconds and the entire process has been fully automated and digitalised. This is thanks to a new API integration between Nordea Finance and Finnair via Nordea’s Open Banking platform. As a result of this highly innovative collaboration, the previous manual and time consuming application process has been transformed and the customer experience improved.
Outstanding Crisis Finance Innovator in Western Europe
Nordea received the Outstanding Crisis Finance Innovator in Western Europe award in recognition of the bank’s efforts to help the well-known Swedish charity Majblomman keep a real time overview of all incoming donations as they implemented a fully digital campaign. Majblomman raises money annually with the sale of special paper flower pins. When the charity was forced to go digital due to coronavirus lockdowns and restrictions on movement, Nordea was able to provide Swish as a smooth payment solution to handle real time payments and with a direct integration to the charity’s account, was also able to support with instant updates of the amounts being raised.
By connecting to Instant Reporting, one of Nordea’s premium API services, Majblomman received direct updates in their system on the latest incoming payments with the required references. With the combination of the Swish mobile payment app as the real time payment method and Nordea’s Instant Reporting API to connect real time transaction information directly into the charity’s platforms, Nordea was able to help the Majblomman create a fully digital user experience for the collectors.
A year of innovations
Joseph D. Giarraputo, publisher and editorial director of Global Finance, says: “Finance innovations proved critical to speeding needed support to different stakeholders during the health care crisis. Fintech developments continue to ease corporate and retail customers’ decision making about what to do with their money as well as their ability to execute the necessary transactions. Our Innovators awards showcase the leading creative issues of the past year.”
In this year’s awards, Global Finance used a multi-tiered assessment process. All selections were made by the editorial board of Global Finance with the input of reporters who are experts on the functions being served by these innovators. Entries were required for consideration.
A full report on The Innovators 2021 will be published in the June 2021print and digital editions of Global Finance and on GFMag.com.
You can read more about Majblomman, Finnair and embedded finance in general at Nordea in Open Insights: Empowering businesses with Embedded Finance | Nordea