Recently we announced the launch of our API gateway, the core engine powering our Payment Initiation and Account Information services and connecting our solutions to the APIs provided by banks and financial institutions across the European Union. Additionally, our clients (banks and companies interested in building with customer data) can also leverage our infrastructure to launch smart apps and innovative products enabled by real-time financial intelligence.
As of today, our gateway has integrated with over 250 providers in Scandinavia – including all the big names such as SEB, SwedBank, Nordea, Handelsbanken, Länsförsäkringar, Danske Bank, and ICA Banken – and it now covers 99% of all private and business accounts in the Nordics. Therefore, any business or financial institution operating in one (or all) of the Nordic countries, can safely and instantly access the account information of every single one of their customers through our expanding platform.
Integrating and testing these connections was a challenging step which required technical expertise and skilled resources. APIs do come with different specifications, documentations, flows and specific required inputs due to the lack of a standardization – despite the Berlin Group’s NextGenPSD2 standard being used by many providers – which only served as a general guideline during the process. We solved most of these issues by developing a common layer and we handled the specifics of each provider as needed. By doing this, we have laid a scalable foundation which will help us to efficiently establish more and more connections in the future regardless the different standards and scenarios we will encounter.
On top of the Nordic connections, we just completed our first integration with a bank challenger outside of Scandinavia, Revolut. Contrary to legacy banks, which had to migrate into an online environment and comply with the requirements imposed by PSD2, bank challengers – as well as neo-banks – are built with a digital-first approach and APIs really are their bread and butter. Revolut is a great example of this tendency, as it not only offers open banking APIs, but also additional APIs which we hope to leverage in the future in order to build added-value products for our clients.
This first connection with a digital bank challenger represents the first item of a list which will certainly grow in the future. Data truly is the new currency, so the abundance and variety of it will push us to keep innovating and help our clients to combine the customer information they already have with the financial intelligence and the services we provide, to create previously unimagined propositions.
The 250+ connections and the Revolut milestones are but the beginning of this exciting journey which will bring us to cover more and more countries soon and to leverage data in new, exciting and better ways. So, stay tuned as 2021 will be a very interesting year for Finshark!
Finshark empowers a true democratisation of finance in which anyone can become a financial innovator and deliver pioneering offers and services that matter. Our gateway – connecting banks and companies across the European market – along with our turnkey solutions, convert the latest financial shifts (and challenges) into a solid business advantage.