Danish Fintech firm Nordic API Gateway has announced a new partnership with Norway’s largest bank, DNB.
DNB will use the firms API to offer its customers an overview of their finances across all banks in DNB’s mobile banking app.
Nordic API Gateway said they are on track to become the leading PSD2 infrastructure in the Nordics for banks, startups, retails and ERP providers.
Rune Mai, CEO of Nordic API Gateway, described DNB as a “strong and innovative bank at the forefront of digital banking solutions” and was pleased to be chosen as the account aggregation provider.
He said: “We cover the vast majority of all Scandinavian banks, and as opposed to other API aggregators, we support access to both personal and business accounts, which means that our client can build solutions for anyone.”
“We’re proud to be giving that opportunity to a bank like DNB, who will now have a clear advantage in giving their customers a better experience and enable financial management in one place.”
Launched in 2018, Nordic API Gateway received a €5.2 million investment from DNB and Danske Bank towards the back end of last year as the parties plan to build their PSD2 infrastructure in the Nordics.
The fintech company said it will also include “a smart way to initiate payments directly from account to account.”
“PSD2 creates new opportunities and increases competition in the industry. We should definitely take advantage of the opportunities that PSD2 opens up for, and we want to be an actor that helps guide these changes,” commented Ingjerd Blekeli Spiten, Group Executive Vice President Retail banking at DNB.
“With Nordic API Gateway, we have a unique opportunity to aggregate account information from other players in order to present it to the customer in the mobile bank.”
Nordic API Gateway provides a unified API access to both personal and business accounts from all Nordic banks.
The fintech is currently assisting other Scandanvian banks such as Danske Bank and Jyske Bank in Denmark along with a number of start-ups, retailers and ERP providers.
Mai explained: “It’s important for us to help both big enterprises and smaller startups to innovate new financial solutions. With PSD2, the financial industry in Europe is about to change significantly as customers will be in charge of their own financial data.”
Nordic API Gateway is now progressing to onboard new customers and revealed in the announcement they already have “many interesting international and local companies in line.”
Mai added: “We have more than a hundred companies working on empowering their solutions with Nordic API Gateway from all kinds of industries at the moment.
“Our goal is to help all companies innovate and build smart solutions for the benefit of their customers whether that’s B2B or B2C.”