Swedbank´s Open Banking Platform goes live
Already in autumn 2017, Swedbank and the savings banks opened up a beta version of their Open Banking platform. So far, 2000 developers and third-party have registered their interest and started testing. Now the Open Banking platform goes live - with one common API for all four home markets; Estonia, Latvia, Lithuania and Sweden.
Swedbank's Open Banking platform offers licensed third-party the opportunity to offer payment solutions to all of Swedbank's customers.
“This is an important step in the futureproofing of Swedbank. Innovations and collaborations will build the future banking sector and we are well equipped to be in the forefront of the digital development. Open Banking gives us completely new opportunities to increase customer value in cooperation with third-parties, and this ensures that we are where our customers want to meet us”, says Lotta Lovén, Head of Digital Banking at Swedbank.
The development of Open Banking platforms is a result of the EU's new payment service legislation PSD2. Among other things, the Act aims to increase competition in the financial market. It is also regulating even more clearly, that it is the customers themselves who own their personal transaction and account data, and also can decide who they want to share that information with.
“New legislations like PSD2 and GDPR create the conditions for next-generation banking services, and Open Banking lays the foundation for us as a bank to become more like a platform where customers can manage and overview their entire finances in one place”, says Lotta Lovén.
For further information:
Lotta Lovén, Head of Digital Banking, Swedbank, +46 70 815 51 66
Josefine Uppling, Head of Press Office, Swedbank, +46 76 114 54 21
Swedbank encourages a sound and sustainable financial situation for the many households and businesses. 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 600 000 corporate customers and organisations with 191 branches in Sweden and 125 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 September, 2018 the group had total assets of SEK 2 461 billion. Read more at www.swedbank.com
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