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Payments General

SpareBank 1 chooses Nets for open banking

Monday 8 July 2019 | 11:06 AM CET

Norwegian bank group SpareBank 1 has selected Nets, a player in the European payments industry, to provide its open banking infrastructure.

The group of 14 savings banks will implement Nets Access to Account Services (NAAS) - a single platform that enables access to banks across the Nordics and Europe.

The revised Payment Services Directive (PSD2), which comes into effect in September, will facilitate new digital banking services and enable better overviews of consumers’ finances. Nets’ single integration solution will give all the banks in the SpareBank 1 alliance access to all bank accounts in Norway and beyond for payment initiation and account information through a single application programming interface (API). This will enable the banks to develop new services for their customers.

When PSD2 comes into effect on 14th September 2019, consumers will have more opportunities to access their own financial data and share it with service providers of their choosing. Banks and Third-Party Providers (TPPs) will be able to retrieve information from different sources and present consumers’ financial information in a more understandable and informative way.

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