Norway’s SpareBank 1 picks Nets for Open Banking
Norwegian bank group SpareBank 1 has selected Nets 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) coming into effect in September aims to 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).
Kristine Ursfjord, open banking product owner, SpareBank 1, says: “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.”
Georg Olav Ramstad, head of open banking sales, Nets comments: “Banks have a competitive advantage compared to many other players, since they already have an overview of customers’ financial history and health, including information that the PSD2 legislation does not require them to enable TPP access to, and this information is often highly detailed.”
