Nordea Open Banking Launches First Commercial Product
Nordea’s first product from Open Banking, Instant Reporting, has launched. The solution is designed to allow companies to access their own accounts and seamlessly integrate real time data with their own systems and processes. This API product is the first offering from 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.
Giving a company access to their accounts, balances and transactions allows them to replace their current file-based systems by connecting to the Instant Reporting API. Each time they log on to their ERP system they will access fresh real-time data.
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.