Mai uses Uber as a negative example of growth, having used its capital to expand only to be forced out by countries whose regulations and local markets it had failed to understand. Kin Lane describes the Cambrian explosion of APIs on the market. @tink lands €85m for continued European expansion. Click here for more information on our. The Open Banking movement starts with the banking industry, but it will soon expand to Open Everything: open finance, open government, open healthcare, as well as other industries — a global phenomenon driven by consumers who want to control where, when, and how their personal data is shared and manage it from one place. The company also operates Spiir, a consumer money … Nordic API Gateway is the Nordic fintech delivering banks’ account to account payments (A2A). To explore the value of these business opportunities, we’ve combined the research with some of the new products and services that businesses have been able to build thanks to the arrival of open banking. Read next: Rewire CEO: We want to be the financial marketplace for migrants. Welcome to Nordic API Gateway. The fintech has had requests from banks in Poland and the UK to expand its business there, so it is now weighing up whether to expand to these two countries first. 100+ answers. Nordic API Gateway is one of the leading open banking platforms which enables frictionless financial futures for all businesses and people. Nordic API Gateway - Head start access to all nordic banks, today 1. All endpoints require partner authentication via headers containing your Client ID and Client Secret. In early 2020, Nordic API Gateway commissioned a survey of more than 100 decision makers within the financial sector and payments industry, and accounting service providers across the Nordics – Denmark, Sweden, Norway and Finland – with the aim to assess the status of the Nordic region on its approach toward open banking. Required fields are marked *. These codes are the most common status codes that the average user will encounter, not just in terms of APIs but in terms of general internet usage. Rune Mai, co-founder and CEO of Danish aggregator Nordic API Gateway, thinks it’s too early to make it free. Source. Part of Nordic API Gateway’s expansion, and the expansion of any fintech whose product relied on an open infrastructure, depends on the flexibility of banks to plug into its APIs. “If they do, they’ll just get massive requests from third party providers (TPPs) for things to be fixed,” says Mai. How have businesses leveraged open banking to create valuable products and services? The ID checking API: This API will need to accept credentials from the front-end API and match the data against publicly available resources. Nordic API Gateway is a product by Spiir A/S, a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA). Nordic API Gateway, the fintech start-up delivering Nordic banks’ account to account (A2A) payments, has landed $5 million (€4.6 million) as part of an internal funding round with Danske Bank and DNB.. We're breaking down the barriers of financial data and payments with a simple & secure API to all Nordic banks Nordic API Gateway was founded by Rune Mai (CEO) and Guðmundur Hreiðarsson (CTO). “Some of them are trying to be European too fast,” the founder says. But we’re ready to answer them in our. For Nordic API Gateway, its European expansion is based purely on market demand. “Once you have your form like us, scaling is so easy. As the research results show, the Nordic countries have made a cohesive and impressive directive adoption in a matter of months. Nordic API Gateway is the Nordic fintech delivering banks’ account to account payments (A2A). How is the Nordic region driving new opportunities across industries and leading the change with open banking? ", Monzo lands another £60m from new backers. Belfast and Londonderry is home to some 74 fintechs which employ around 7,000 people. Strategies for Integrating OAuth With API Gateways. But why exactly are the Nordics the perfect fit for open banking? “We screen everything from the outside, spending massive amounts of time between banks’ and Nordic API Gateway’s development teams to bring the technology into a stable state.”, Mai notes that many fintechs’ strategies place too much emphasis on the urgency to expand across the continent, before they’ve actually perfected their product and understood where it will perform best. Hi, i have a Bluetooth PCBs that i designed using nRF51/52 chips and i'm wondering if there is any way to connect them to a web-server using a gateway. Data; APIs; ... Nordic API Gateway. Pockit points to international expansion plans. Northern Ireland boasts highest proportion of fintech workers outside London, says report. fintechfutures.com/2020/12/moneyg…, Česká Sporitelna [@Ceskasporitelna] signs infrastructure deal with Leveris [@WeAreLeveris] Alternatively, post a comment by completing the form below: Your email address will not be published. But we’re ready to answer them in our brand-new white paper - ‘Accelerating open banking’ - that provides you with the most recent research based on hundreds of surveys from leading decision makers across different industries. In the Nordics, the fintech has been spending a lot of time trying to mature the Second Payment Services Directive (PSD2) interfaces, and part of this has been banks realising that they can’t just build APIs and expect them to run themselves. The API can be used for account aggregation, transaction categorization and new payment initiatives that will benefit both you and your customers. And are there any further learnings for other European regions? High impact blog posts on API business models and tech advice. Greek challenger Woli to launch "neobank for families" next year. Looking ahead, as well as its European expansion Nordic API Gateway will soon be announcing a new partnership with a major Swedish bank – whose name Mai cannot reveal yet. Video: Top fintech stories this week - 04 December 2020, Stripe launches BaaS-type service for merchants with top US banks, "[The] banking experience should be as easy as spinning up a virtual server. Nordic API Gateway. The bank is offering a paid-for premium account for €265 per year. “Banks are starting to see their own interfaces as an asset rather than a single transaction,” says Mai. hbspt.cta._relativeUrls=true;hbspt.cta.load(5232603, '2fa9cb4c-5db3-49e5-ba56-bd038068c088', {}); One survey. Nordic API Gateway lands $5m from Danske Bank and DNB. In our case, to protect privacy, this system will need to be opt-in, so the API will interface with database storage systems and a website application which allows users to register their status. “It’s been really hard for them to allocate the right resources and be quick enough, which means we’ve both been working overtime on these interfaces,” he adds. New: TPP directory: Listing all third-party providers across the EEA. Your email address will not be published. At OP Financial Group, we want to be a front-runner in utilising these opportunities. In light of the Nordic countries' long tradition of openness to new innovation, it is no wonder Nordic banks also have a tradition of adopting new technology. And perhaps, the API governors’ best ally. Save my name, email, and website in this browser for the next time I comment. The digital drive to replace the passport in financial services, XP Investments forms partnership with Genesis, Rewire CEO: We want to be the financial marketplace for migrants, African American Credit Union Coalition signs partnership with Fiserv, Former Paypal execs raise £14m for start-up venture Primer, Douugh partners with Humm Group to launch US-based BNPL product, TransferWise nabs Australian banking licence from APRA. to allow for analysis of how people use our website in order to Nordic Case Info. To answer that, the white paper looks at how digitisation, tech-savviness and the overall openness to new technology have affected the Nordics’ adoption of open banking. With the new public YNAB API this makes it much simpler to build automated importing of transactions from your bank to YNAB, if you're in Scandinavia. i don't know which gateway … Part of this means a complete rethink for banks on their budgets to cater towards fluid rather than one stop projects. Flight status, delays, schedules. Nordic API Gateway was quickly implemented and has made it easy for us to solve a huge customer demand in the market” Martin Thorborg, CEO, Dinero “With Nordic API Gateway, we were able to launch our service to our customers in less than three months. Case ID: 124038 Options Share; More; Cancel; BLE Gateway to a web-server. Can't make it to the event? Together with Nordic API Gateway, they'll be fulfilling their ambition to create the most powerful challenger banking app in the Nordics. With a product in a stable mode, it’s far easier to use, it’s compliant and bank partners will be far more onboard with it.”, Read more: The digital drive to replace the passport in financial services. One of them is the largest bank in Finland, OP Financial Group. “The maturity isn’t there yet,” says Mai in a LinkedIn post. fintechfutures.com/2020/12/ceska-…, “We should be further along than we are, but we’re not,” Fully live with A2A payments in all Nordic markets, Mai says the fintech has been “fleshing out an infrastructure across the region that can be used by financial institutions to retrieve data and deliver payments”. Customer experience, reliability and security are the most important factors for us when selecting new partners and developing our services. Founder and CEO Rune Mai sat down with FinTech Futures to discuss the fintech’s growth across the Nordics so far, and its imminent expansion into 17 more European countries over the next five months. “We’ve built something which actually works in the Nordics,” says Mai. A mighty tool to bind all stakeholders. To find out how businesses are investing in open banking products creating value, we commissioned a survey in early 2020 with more than 100 decision makers within the banking, payments, accounting and fintechs industries across Denmark, Sweden, Norway and Finland. Easily track all available APIs, developer portal, API portal, integration requirements, ... Data breaches, Bug Bounty Program, Status Page, Uptime, certificates from OP Financial Group in real-time. Co-owned by Danske Bank, the fintech has swept up a whole host of major bank customers including OP Financial and DNB. “As a company, we’ve spent more than 10,000 man-hours working with the quality of PSD2 interfaces. Nordic API Gateway is one of the leading open banking platforms which enables frictionless financial futures for all businesses and people. @Mastercard faces landmark £14bn class action lawsuit brought against it by 46m consumers - it marks the largest o… twitter.com/i/web/status/1…, A Dutch appeal court has endorsed activist calls to probe former ING CEO Ralph Hamers for a two-year-old AML failur… twitter.com/i/web/status/1…, MoneyGate signs core banking deal with Finartix Thought this was worth mentioning. While other protocols exist and have their own system of codes, the HTTP Status Codes dominate API communication, and vendor-specific codes are likely to be derived from these ranges. The Nordic API Gateway allows you to connect to all Nordic banks. The fintech is looking to Europe for its launch. With open banking only just starting to happen there, the fintech recognises the demand for its product is still too low. All endpoints require client authentication via headers containing your Client ID and Client Secret: X-Client-ID: X-Client-Secret: Open banking is speeding up account switches too. Anti-stress Financials Spending Optimiser Wealth on Autopilot Convenience Automated Intelligence 3. New report: How the Nordics are accelerating open banking, These are all big questions. ... Signup to the Nordic APIs newsletter for quality content. A contract, in the form of an API specification, can be an API’s best friend.A single source of truth. Last Funding Type Venture - Series Unknown. Authentication. The fresh capital will initiate an “aggressive growth” plan to achieve pan-European coverage. By continuing to use our website, you agree to the use of such cookies. Company Type For Profit. Download your copy of our white paper and deep dive into the status of open banking as well as what lies ahead for the future of frictionless finances - and discover why the Nordics seem to be the perfect fit for it all. Enthusiast-driven aviation API with useful and unique features fora smaller travel or aviation application. Open the project in your favorite JavaScript editor (we use Visual Studio Code at Spiir) Create an environment file … Whereas looking at somewhere like Germany, Mai says it has a 60 million online population and very low card adoption rate – meaning people are still using cash in large areas of the country. Michał Trojanowski. … This website uses cookies, including third party ones, Half of UK’s small businesses now use open banking, says OBIE. If you have not already implemented services to communicate with Nordic API Gateway, you can use the test server implementation found in node/api-test-server. Open Banking in the USA — status. Since he began covering the API economy in 2010, he’s watched our space rise from hundreds of public APIs to well over 20,000. Copyright © 2020 Informa PLC. High impact blog posts on API business models and tech advice. Christian Panton cp@spiir.dk Lead Architect, Nordic API Gateway 2. The fintech also wants to roll out payment initiation in 10 mar… twitter.com/i/web/status/1…, . Nordic API Gateway is the leading PSD2 infrastructure in the Nordics that covers 99% of all B2B and B2C accounts. The start-up says this investment is the beginning of what will become “an even larger amount” of funding in the “coming months”, intended to kick-start its European expansion plans. And what can other regions in Europe learn from the Nordic countries? says the contributor for the UK's latest CBDC report Signup to the Nordic APIs newsletter for quality content. Nordic API Gateway is a product by Spiir A/S, a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA). Operating Status Active. For a full overview of what transaction information we provide you with, please visit … With this API, you can connect your applications to users' bank accounts from all Nordic banks to create simple solutions for the future. Commenting on the Nordic openness to PSD2, Masa Peura, SVP of Payments and Personal Finance Management at OP Financial Group, says in the white paper: “PSD2 creates new opportunities for banks and challenges the industry to evolve. August 13, 2020. Nordic API Gateway is a product by Spiir A/S, a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA). The latest funding still sees to leave Monzo at its £1.2 billion valuation. And the results have been impressive. Co-owned by Danske Bank, the fintech has swept up a whole host of major bank customers including OP Financial and DNB.  The company also operates Spiir, a consumer money manager app which has 320,000 customers. Doing your homework on the local culture can be a key to long-term success in the region. Tizana over 3 years ago. The API can be used for account aggregation, transaction categorization and new payment initiatives that will benefit both banks and customers. 4 key industries. improve your experience and our services. Less than six months after PSD2 went into full effect, 50% of those surveyed have already developed new products or services - and more than 75% of the surveyed decision makers in the Nordics have made at least one change to their business because of PSD2. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. @Wolters_Kluwer’s risk and compliance arm to buy Baltimore-based digital lending software provider @eOriginal for… twitter.com/i/web/status/1…, Useful insights, strong opinions, and a fintech buzzword jailhouse, Matching the right talent with the right organisation, https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png, White paper: Re-wiring financial services operations for a bold future. Nordic API Gateway allows users to connect to all Nordic banks. Pockit raises over £500k in its debut crowdfunding. Looking beyond the front office to transform experiences. 82 likes. API Gateway. The Gateway is a single API giving unified access to accounts and transactions from Scandinavian banks and other account providers. Airports, runways, delay index, statistics, distance and flight-time between. Perhaps that explains why 82% agree or tend to agree that financial data is an opportunity for their business. Perhaps that explains why, Nordic API Gateway is a product by Spiir A/S, a licensed, Payment Initiation Service Provider (PISP), Account Information Service Provider (AISP). API Insights Straight to Your Inbox! . We built Nordic API Gateway on the foundation of Spiir A/S - The most popular money app in Denmark with more than 380,000 users. Less than six months after PSD2 went into full effect, In light of the Nordic countries' long tradition of openness to new innovation, it is no wonder Nordic banks also have a tradition of adopting new technology. We're breaking down the barriers of financial data and payments with a simple & secure API to all Nordic banks “Banks are starting to see their own interfaces as an asset rather than as a single transaction,” says Mai, acknowledging that “connecting APIs to banks’ systems is taking longer than anyone would expect”. “We are excited to work with Nordic API Gateway especially to offer payment initiation for our users.” Lunar has also announced the launch of a new business bank account. “Open banking has a tendency to be focused on how to do stuff globally or do it pan-European, but you need to have a market by market approach,” says Mai. Related: XP Investments forms partnership with Genesis. Nordic API Gateway is a project that has integrated almost all banks in Scandinavia. Aircraft information, aircraft image recognition by registration. Nordic API Gateway provides you with a wide range of transaction information, including a description of the transaction, the date of the transaction, category, type, balance and much more. 1 talking about this. @Synechron, a New York-based IT firm for financial services companies, has bought #Attra, a Melbourne-based paymen… twitter.com/i/web/status/1…, . API Governance: How Important Is It for API Strategy? fintechfutures.com/2020/12/uk-cbd…, . These are all big questions.