Selects Nets Access to Account Services (NAAS) for any single platform enabling use of banks across the Nordics and Europe
Norwegian bank Sbanken has selected Nets to support open banking with Nets Use of Account Services (NAAS) – a single platform that allows access to banks across the Nordics and Europe.
The revised Payment Services Directive (PSD2) will facilitate new services and better overviews of finances for bank customers. Nets' single integration solution can give Sbanken access to account information in all banks in Norway and beyond through banks PSD2 APIs, enabling Sbanken (as 3rd party) to develop innovative new services because of its customers as PSD2 opens up the banking infrastructure.
Frode Asheim, Head of Corporate Services at Nets, comments: “Banking as you may know it will change radically because of the new regulation. Consumers and corporates can access all their bank accounts in one place to have a better overview of their finances, and it'll facilitate development of new services that benefit everyone. We have developed a standardised platform that gives third parties with the tools needed in this new world of open banking.”
Christoffer Hernaes, CDO at Sbanken, adds: “Taking an offensive position and leveraging PSD2 like a business opportunity is a top priority for that bank, as most Norwegian customers typically use more than one bank. By connecting with other Norwegian banks, we enable our customers to perform their top tasks for example getting a full overview of their financial health insurance and paying their bills as easy as possible. Sbanken has chosen Nets since their platform provides quick access to the full market through one unified connection.”
Access to accounts
PSD2 requires banks to supply authorized third parties with use of accounts to provide account information and payment initiation services. With this access, third party providers can build financial services on top of the existing infrastructure. One example is account information aggregation, which gives consumers a complete overview of all their payment accounts in one place – such as the mobile banking app they previously use.
Pan-European reach in a single integration
Building on Nets' broad infrastructure and scale through the Nordics and Europe, NAAS offer organizations access to Nordic and European banks PSD2 APIs. Rather than connecting individually to the banks, organizations can connect to Nets, securing use of all banks in one single integration as open banking becomes a reality. This makes it easier to offer new releases by offloading internal IT resources, reducing complexity, reducing cost through scale and reducing time to market for new products and services.
For more information please visit: https://www.nets.eu/solutions/open-banking-access