Open Banking wins the Global Finance Innovator award for Instant Reporting

07-05-19 11:59 | Awards and organisational news

Global Finance magazine has recognised Nordea as a ‘2019 Innovator in Corporate Finance for Open Banking Instant Reporting’. This is the first award win for the newly launched Instant Reporting solution.

According to Global Finance magazine, the annual Innovators awards ‘recognise entities that regularly identify new paths and design new tools in finance.’

Creative solutions

Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance, says: “The financial institutions winning Global Finance’s ‘The Innovators 2019’ honours excel in breaking down silos to unleash creative thinking. Best of all, they have shown how to channel creativity into valuable products and solutions.”

Instant Reporting allows companies to access their own accounts and seamlessly integrate real time data with their own systems and processes. This new API (Application Programme Interface) product is the first offering from Nordea Open Banking that moves beyond PSD2 (Payment Services Directive) compliance which requires banks to open up to third parties to offer services to account holders.

Instant award

Gunnar Berger, Head of Open Banking, says: “As the Nordic leader in Open Banking, we are pleased to see that Global Finance has recognised the exciting journey of innovation we have been on over the last two years. Instant Reporting is the first commercially viable product we have launched from Open Banking and a big step forward in our ambition of offering innovative API products to our business and personal customers. Instant Reporting helps companies replace old fashioned multi-step file communication with instant and direct real-time data. The ability to gain a transparent overview of their account balances creates great benefits for customers and allows them to free up time and complexity.”

“On the compliance side we are continuing to make sure that we are up to date with PSD2 requirements by providing licensed third parties with access to data, accounts and payments. We are continuing to work closely with our large developer community to bring even more innovative new products to life. Nordea’s Open Banking platform is also a key facilitator in enabling innovation to arise from many different areas within the bank. For example, an FX API has been developed by Nordea Markets and a consumer loyalty card onboarding API is being introduced following a collaboration between Nordea Finance and one of the largest airline companies in the Nordics,” concludes Gunnar.

The Global Finance Innovator award winners were selected by the editorial board of Global Finance magazine from entries submitted by banks and financial organisations. Input for award selections was provided by experts in the functions being served by each innovation.

A full report on ‘The Innovators 2019’ will be published in the June issue of Global Finance magazine. The 2019 Innovators honourees will be recognised at the Global Finance Digital Banks Awards Dinner on October 30 at the Sheraton Hong Kong.

To find out more about Open Banking and Instant Reporting, write to Sarah Häger at moc.aedron@regah.haras.