Sbanken Chooses Nets to Support Open Banking

March 18, 2019         By: Michael Millington

As has been the trend in recent weeks, payment providers are looking to boost their impact with their customers. Norwegian bank Sbanken is looking to do the same with their choice of Nets to bring open banking to consumers. This use of Nets unique platform will allow Sbanken increased access to bank account information. This would extend well past Norway and the coupling will allow for access into Europe as well.

Frode Åsheim, Head of Corporate Services at Nets, comments: “Banking as we know it will change radically due to the new regulation. Consumers and corporates will be able to access all their bank accounts in one place to have a better overview of their finances, and it will facilitate development of new services that benefit everyone. We have developed a standardised platform that provides third parties with the tools needed in this new world of open banking.”

Christoffer Hernæs, CDO at Sbanken, adds: “Taking an offensive position and leveraging PSD2 as a business opportunity is a top priority for the bank, as most Norwegian customers on average use more than one bank. By connecting to other Norwegian banks, we enable our customers to perform their top tasks such as getting a full overview of their financial health and paying their bills as easy as possible. Sbanken has chosen Nets since their platform provides easy access to the full market through one unified connection.”

Connectivity has always been a big interest to more service providers. Banks have the unique challenge of providing more connectivity without sacrificing security. However, the convenience of being able to access more than one bank at a time when necessary cannot be understated. Having multiple bank connections can increase the probability of things like breaches. Using one service to connect to multiple banks (like Nets) reduces that probability drastically.

Let’s hope Sbanken and Nets have created something convenient and safe for their client base.