Nordic financial services group Nordea has introduced a Nordea instant reporting solution based on API, which will allow its corporate clients to access their accounts and integrate real-time data with their systems.

According to Nordea, Instant Reporting is its first product that moves beyond legal requirements in PSD2.

The new proposition is also said to be the first commercially viable offering developed as part of the bank’s open banking initiative.

With the new tool, customers can get real-time account data every time they log on to their own file-based systems.

Nordea head of transaction banking Erik Zingmark said: “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.”

The tool is currently available in Sweden and Finland. Plans are on to gradually roll out the product in Denmark and Norway.

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Nordea Open Banking head Gunnar Berger said: “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.”

Nordea actions

Nordea and DNB have signed an agreement to jointly divest 60% stake of Baltic bank Luminor to a consortium led by private equity funds managed by Blackstone for €1bn ($1.13bn).

The divestment forms a part of Nordea’s strategy to focus on core Nordic markets.

Luminor was created last year by combining Nordea’s and DNB’s Baltic operations. Currently, it holds 23% lending market with €15bn of assets.

Led by Erkki Raasuke, the bank has 64 branches across Estonia, Latvia, and Lithuania.

Nordea personal banking head Topi Manner said: “The sale is the natural next step following the establishment of Luminor in 2017 whereby Nordea and DNB created the third largest bank in the region – a strong stand-alone bank.

“With this transaction we are able to further consolidate our focus and efforts towards our core Nordic markets, and it allows us to redeploy capital into those Nordic markets over the coming years.”