Insight & Analysis

Press release: Nordea Open Banking launches first commercial product

Published: Jan 2019

21st December 2018 – Instant Reporting is the first commercial solution from Open Banking specifically tailored to large corporate customers. This is enabled by the opening up of corporate APIs (Application Programme Interfaces) in Finland and Sweden.

The first product from Open Banking, Instant Reporting, allows companies to access their own accounts and seamlessly integrate real time data with their own systems and processes. This new 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.

Gunnar Berger, Head of Nordea Open Banking says: “We have been committed to Open Banking from the beginning because we could really see the potential for creating new products and services that bring value to our customers. The exciting thing with our new product, Instant Reporting, is that it gives corporates the chance to directly access their real-time data which will have a big impact on the way they organise their businesses, freeing up valuable time and resources.”

Access to real-time data

Giving a company access to their accounts, balances and transactions allows them to replace their current file-based systems simply by connecting to the Instant Reporting API. Each time they log on to their ERP system they will access fresh real-time data.

Erik Zingmark, Head of Transaction Banking at Nordea, says: “After taking the leading position in Open Banking in the Nordics, I am delighted to see that we can now offer the first real commercially viable product from the project and one that has the potential to benefit many customers. This launch is just the first of many great products ahead resulting from Nordea Open Banking.”

Next steps

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.

For more information, contact: Gunnar Berger, Head of Nordea Open Banking, (add phone no): +46 704331090 and gunnar.berger@nordea.com

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