Swedbank launches Open Banking
Swedbank launches Open Banking in order to utilize the opportunities opened up by the EU’s second Payment Services Directive(PSD2). PSD2 intend to encourage payment services innovation and improve online payment protection.
One of the impacts of PSD2 is that all banks must provide third parties with account access and transaction data if the customer wishes so. Swedbank and the savings banks Open Banking is the development of an Open Application Programming Interface (API)-standard, that will enable third parties safe and secure access. Swedbank and the savings banks, with its long history of innovation, see this as a great value creating opportunity, with increasing customer value as the goal.
“By launching this first beta version of Open Banking we take the next step in our long history of innovation at Swedbank. Innovative capability and cooperation capacity combined with high delivery rates are crucial factors for us to succeed in the digital paradigm shift “ says Emma Heimonen, Head of Digital Innovation at Swedbank.
Swedbank and the savings banks now invite the best and brightest third parties such as fintechs and developers from all areas to innovate and co-create at www.swedbank.com/openbanking
Swedbank Open Banking beta's current functionality is limited to test data, but Swedbank will continuously add new features and functionality to the Open Banking platform and is actively looking for new partners to create increased customer value.
For more information:
Emma Heimonen, Head of Digital Innovation, Swedbank, +46 73 091 22 30
Josefine Uppling, Head of Press Office, Swedbank, +46 76 114 54 21
Video - Emma Heimonen about Swedbank Open Banking: https://youtu.be/SYC8NYUm2PA
Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to development “Beyond Financial Growth”. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 647 000 corporate customers and organisations with 220 branches in Sweden and 134 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 24 October, 2017 the group had total assets of SEK 2 460 billion.
Read more at www.swedbank.com