Nordea, a Nordic financial services group, has made its open banking pilot live in Finland by connecting selected third parties to its Finnish customer data set.

The bank has now connected the APIs (application program interfaces) to the production system, and started a pilot enabling selected third parties to develop applications on top of the APIs.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

These third parties, along with pilot customers in Finland, will then confirm about the feasibility of the open banking solution.

The third-parties will be allowed to use the Account Information Service (AIS) API to retrieve account information details and make payments using the Payment Initiation Service (PIS) API. The bank plans to expand the pilot to other Nordic countries eventually and pick up more third parties on a rolling basis throughout the next year.

Nordea head of cash management solutions Claus Richter said: “Together with fintechs and other external developers we aim to create new products and services for our customers at a faster pace than we could do by ourselves, while keeping customers firmly in control of what data they wish to expose and which products they wish to use.”

“Introducing selected pilot participants to customer data in this limited way will enable Nordea to work closely with the third parties and continue to receive their feedback and improve the services,” the bank said in a statement.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank launched the first phase of its open banking pilot in July 2017. The first phase allowed external developers to test the AIS API, and identify third parties offering value adding services.