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