Sbanken chooses Nets to support Open Banking

The revised Payment Services Directive (PSD2) will facilitate new services and better overviews of finances for bank customers. Nets’ single integration solution will give Sbanken access to account information in all banks in Norway and beyond through banks PSD2 APIs, enabling Sbanken (as third party) to develop innovative new services for its customers as PSD2 opens up the banking infrastructure.

PSD2 requires banks to provide authorized third parties with access to 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 full overview of all their payment accounts in one place - such as the mobile banking app they already use.

Building on Nets’ broad infrastructure and scale throughout the Nordics and Europe, NAAS offer third parties access to Nordic and European banks PSD2 APIs. Instead of connecting individually to the banks, third parties can connect to Nets, securing access to all banks in one single integration as Open Banking becomes a reality. This makes it easier to offer new services by offloading internal IT resources, reducing complexity, reducing cost through scale and reducing time to market for new products and services.