Nordea Launches Corporate Open Banking Solution
Nordea has announced that it is launching Instant Reporting, an Open Banking solution that enables corporate customers to access their own accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in the Payment Services Directive (PSD2) and turns Open Banking into a commercially viable product.
PSD2 is an EU directive that requires banks to open to third parties to offer their services to the bank’s customers. This is intended to increase competition in the banking sector and is often called Open Banking. Nordea has chosen to see this as an opportunity rather than just a requirement from legislators and can now announce the launch of a reporting tool based on open Application Programme Interface (API) – Instant Reporting.
Giving companies access to their transactions, accounts, and balances allows them to complement their current file-based systems simply by connecting to the Instant Reporting API. Each time they log on to their system they will access fresh real-time data.
Nordea’s Open Banking platform was launched at the end of 2017. More than 3,300 developers have now registered to test Nordea’s APIs. The next planned steps for the Instant Reporting is to provide access to Danish and Norwegian accounts.