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.
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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.
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By GlobalDataThe 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.
