Norway-based bank Sbanken has chosen Nets’ NAAS (Nets Access to Account Services) in a bid to bolster its open banking services.

According to the bank, Nets’ solution will provide Sbanken with access to account information in all banks in Norway and beyond through banks PSD2 APIs, enabling the bank to develop new services for its customers as PSD2 opens up the banking infrastructure.

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 the 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.”

According to the supplier, NAAS offer third parties access to Nordic and European banks PSD2 APIs. Instead of connecting individually to the banks, third parties can connect to Nets, securing access to all banks in one single integration.

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.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence