Norway-based banking group SpareBank 1 has chosen Nets for its Open Banking infrastructure.
The collection of 14 savings banks will utilise Nets Access to Account Services (NAAS) which is a signle platform that allows access to banks across the Nordics and Europe.
This collaboration will give all of the SpareBank 1 alliance access to all bank accounts in Norway and beyond for payment initiation and account information. This is all through a signle API. Furthermore, it allows the banks to develop innovative services for their customers.
Kristine Ursfjord, Open Banking Product Owner, SpareBank 1, said: “We have chosen Nets as a strategic partner to ensure we can leverage all the opportunities that PSD2 presents. By using the Nets Access to Account Services, we will be able to easily access accounts in other banks, both in Norway and abroad. By doing so, we can develop and offer even better products and services for the customers of all banks in the SpareBank 1 alliance.”
Georg Olav Ramstad, head of Open Banking sales at Nets commented: “We are very happy that SpareBank 1 has chosen Nets as its strategic partner for open banking. Our NAAS platform will give the members of the SpareBank 1 group an important tool for maximising their open banking functionality and developing innovative new products and services for consumers.”
The revised Payments Services Directive (PSD2) comes into effect on 14 September 2019. Consumers will have more opportunities to access their own financial data and also share it with providers of their choice.
Ramstad added: “Banks have a competitive advantage compared to many other players, since they already have an overview of customers’ financial history and health, including information that the PSD2 legislation does not require them to enable TPP access to, and this information is often highly detailed. Banks are also able to leverage consumer trust and their large customer bases.”
Everyone is preparing for PSD2. UBI Banca has updated its systems for PSD2 to allow third-parties to develop services based on online access to its customers.
The developments has helped UBI Banca to be PSD2-compliant over three months ahead of schedule.
Recently, TBB in Estonia worked with Token and Icefire to meet PSD2 requirements. Icefire will integrate Token PSD2 into the bank’s infrastructure to establish compliance before the September 14 2019 deadline.