Nordea Launches Open Banking Tool

Nordic Financial services firm Nordea is now introducing a new solution to provide corporates with a new streamlined financial reporting solution which is powered and supported by the Open Banking System.

In an announcement which has been revealed this week, the company said that its API enabled Instant Reporting tool has now finally launched, linking the Nordea to the third-party solutions that will allow the corporate users to gain some of the real-time access to the financial data across the system. The roll outcomes after a year after the Nordea introduced its Open Banking Platform, which links the developers to a suite to facilitate data connectivity into their platforms.

“We have been committed to Open Banking from the beginning because we could see the potential for creating new products and services that bring value to our customers,” said Nordea Open Banking head Gunnar Berger in a statement. “The exciting thing with our new product, Instant Reporting, is that it gives corporates the chance to directly access their real-time data, which will have a big impact on the way they organize their business, freeing up valuable time and resources.”

In another statement, Nordea head of transaction banking Erik Zingmark described Instant Reporting as “the first real commercially viable product” from the company’s Open Banking platform, adding that it “has the potential to benefit many customers.”

In the year 2017, Nordea also released its Future of payments report into the market, which urges the corporate the payment industry to become the standardized across the different banks.

The current market, the company’s report said, involves banks using proprietary payment formats, creating a “potential deadlock: Do banks risk losing business by insisting on using their formats?” Or do corporates limit their choice of a bank by insisting on their preferred format?”

The ISO 20022 payments are messaging format which can be an instrumental component to the global payments standardization, particularly as industry heavyweights just like the SWIFT promote its adoption.

You May Also Like To Read:

UN Partnership To Roll Out Blockchain-Based Telemedicine