OP Financial chooses Nordic API Gateway for open banking
OP Financial Group has chosen Danish fintech Nordic API Gateway for its open banking platform.
The start-up, created by Danish fintech Spiir, will implement OP’s account information services (AIS) and account-to-account payment integration (PIS).
“With the second payments derivative (PSD2) in place, we’re happy that banks are leveraging open banking initiatives to benefit their customers,” says Rune Mai, CEO & founder of Nordic API Gateway, who welcomes OP Financial in “taking the first step towards implementing and leading [competition and customer experience (CX)] changes in Finland”.
This is OP Financial’s aim too, as its senior VP for payments and personal finance management Masa Peura confirms: “We want to be a forerunner in utilising [PSD2] opportunities.”
Highlighting customer experience, reliability and security as “the most important factors” in looking for new partners, the Finnish FI points to a new pattern in the relationships it will forge going forward.
Other banks in Finland have attempted to tap the open banking market. Nordic API Gateway teamed up with Nordic-focused Danske Bank last year to release the first multi-bank app in Finland.
Nordea, with the second-biggest share in the Finnish banking market, also released the open banking solution ‘Instant Reporting’ to its Finnish business customers last year which gives them access their own accounts and allows them to integrate real-time data with their own systems.