Norwegian banking group SpareBank 1 has chosen payments, card and information service provider Nets to provide its open banking infrastructure ahead of the PSD2 deadline in September.
SpareBank 1 is made up of 14 savings banks. The group will implement Nets Access to Account Services (NAAS) – a singular platform that gives access to other banks across the Nordics and Europe.
Kristine Ursfjord, open banking product owner, SpareBank 1, explained: “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.”
Nets’ solution works through a single API and aims to enable the banks under the alliance to develop innovative new services for their customers.
The firm recently announced it will work in collaboration with Swish to trial in-store payments via the Swedish mobile payment platform.
Georg Olav Ramstad, head of open banking sales, Nets said: “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.”
Swedish cloud-based platform Tink released its own preview ahead of PSD2 and concluded: “the APIs available up to now are far from ready, lacking the quality and maturity they need.”
