Open Banking pilots are launched

17-07-04 11:55 | Digital banking | The Digital Hub

In early spring, we released the first version of our Open Banking portal targeted towards external developers. It was our first exciting step towards Open Banking and the first such portal in the Nordics. 

At the time, we invited developers to sign up for the Open Banking Pilot Programme and to share their thoughts about services they would like to develop with us and on our platform. The response was overwhelming, with 700 sign-ups within the first couple of weeks.

Now another step has been taken. We have kicked off the first pilot programme with a selected group of 22 customers, fintechs and innovative third parties. In a few months’ time, we plan to extend this pilot to the rest of the sign-ups and to provide enhanced functionality. 

Open Banking reaches the first phase of its Pilot Programme

The current pilot provides a sandbox environment where developers can test the Account Information Service (AIS) API, and can retrieve data such as the account information details, account balances, and transaction history. The user consent-management process is also being tested, using a static mock user interface. In the upcoming stage, pilots will be able to test more functionality in the sandbox environment such as initiating payments by using the Payment Initiation Service (PIS) API. 

The purpose of the Pilot Programme: Feed us feedback

We chose a  select number for the first pilot so we could easily work in close collaboration with the group, follow up on the applications being built and conduct several feedback sessions to improve our Open Banking portal and our processes in the future.

Our primary focus is to introduce better functionality, gather feedback, improve, and iterate until we achieve the quality we seek. We are also using the first stages as an opportunity to identify and collaborate with third parties that could provide innovative and value adding services to our customers.

What comes next?

Throughout the next couple of months, we will gain a lot of insight and adjust our Developer Portal, Consent Management (e.g. data sharing permission and customer consent), and APIs accordingly. The second phase of the Pilot Programme is set to start this autumn, where selected companies will gain access to our production environment APIs. The start of this second phase will be the next major milestone for Open Banking.

Our thinking behind Open Banking

Open Banking will provide our customers with various new products and services, while keeping the customers firmly in control of what information they wish to expose and which products they wish to use. Nordea will continue to be a relationship bank and we’re always putting our customers first. We see this as an opportunity to embrace the changing landscape. Our goal is to strengthen our collaboration with fintechs and go beyond the regulation by providing premium APIs which fit the changing needs of customers across all segments. 

/ Sanela Dulic, Business partner, Open Banking project in Nordea.

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