Swedbank launches Open Banking
Swedbank launches Open Banking Sandbox platform. This platform in the future will allow third parties such as fintechs and developers from all areas to innovate and co-create new solutions for our customers in all four home markets together with the bank.
Swedbank is developing Open Banking while implementing EU’s second Payment Services Directive which enters into force in January 2018. This directive promotes innovations of payment systems and strengthens security of online payments. It also makes it possible for all banks’ customers to allow third parties access to their current accounts. According to the new regulation all banks must provide third parties a controlled account access, should the customer wish so. Hence, Swedbank is developing API (Application Program Interface) which will enable programs created by third parties to access customers’ accounts and form payments for them, but only if the client has given consent.
“This is a new stage of evolution in European banking history, which is led by technological progress and changing needs of our customers. We are certain that Open Banking will create value for our customers and the bank. Clients will be introduced with new user friendly and convenient tools which will help them in their daily financial matters,” – Head of Swedbank Baltic Banking Digital Development Oleg Marofejev said.
Open Banking Sandbox which is now launched does not have any real customer data. In this platform developers and companies can familiarize with technical login parameters and to see test examples of how the system will work once API is active. Sandbox is open to everyone from independent developers to multinational corporations.
“Before getting access to real data through any future API, partner and security screening will take place. The integrity of the customer consent to any usage of data is key. Everything that will take place on our Open Banking platform that concerns an individual will have specific customer consent,” – Emma Heimonen, Head of Digital Innovation at Swedbank said.
At this moment clients will not experience any changes in connection to Open Banking. Swedbank will constantly update Open Banking platform and will add new functionalities to it.
Swedbank now invites all interested third parties such as fintechs and developers from all areas to innovate and co-create at https://www.swedbank.com/openbanking/ . Bank is also seeking for partners with whom to create long term value for the customers.