Nordic API Gateway rolls out Aiia to boost open banking innovations

By Megha Bhattacharya

Open banking FinTech Nordic API Gateway has rolled out a new platform – Aiia in a bid to make innovations for businesses affordable without the need for acquiring and maintaining an AISP or PISP license. The FinTech states that businesses will be able to benefit from the PSD2 enabled access to account to account payments alongside access to financial data.

“With Aiia, we’re doing open banking with batteries included model. There’s nothing sadder than spending hours unpacking a product that’s tied to the packaging only to realise that it needs 10 batteries that aren’t included. That’s exactly what open banking is today to many businesses that want to get going with the PSD2-enabled opportunities for their customers straight away. With Aiia, you get to interact with the product right out of the box and basically skip the hassle of lengthy and ongoing registration processes and expenses,” Rune Mai explained.

Aiia allows businesses to test digital banking in their apps as well as equips consumers with an overview of services they’re sharing their financial data with, use of their data and the ability to revoke access directly from third parties.

“We see this as an initiative that benefits businesses, consumers and society in general. It truly puts the ‘open’ into ‘open banking’ by creating transparency of financial data use for the end-user,” Rune Mai concluded.

Nordic API said that the platform is currently being released across Europe and is offering account information and payment initiation services for meeting new open banking use cases.

Recently, Nordic API Gateway announced the addition of challenger bank Lunar to its list of Nordic banks already taking advantage of the open banking technology to create value-added, multi-banking features. The partnership is said to enable Lunar to take an important step in becoming the primary banking interface for more than 170,000 users.