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Frequently Asked Questions

Welcome to the FAQ page of Open Banking! Here you will find the most commonly asked questions around Open Banking.

General

What is Open Banking?
What is an API?
What are the effects for Swedbank customers?
Is Open Banking safe?
What is PSD2 and how does it relate to Open Banking?
Where can I learn more about PSD2?
Where can I get more information about Open Banking?

Open Banking Terminology

PISP
AISP
TPP
RTS
Consent
OAuth 2.0

Developer portal & APIs

Where can I find the developer documentation?
How can I get started?
What browsers are compatible with the Developer portal?
How much does it cost to use Open Banking?
What is the planned date for APIs to be available in live environment?
What can I do with this API?
Can we already become your partner and build applications together with Swedbank?

General

What is Open Banking?

Swedbank Open Banking is our invitation to developers and companies to innovate and build applications together, creating the next generation of digital services for millions of Swedbank customers through APIs.

What is an API?

API stands for application programming interface and is a technique for sharing information between online services and applications.

What are the effects for Swedbank customers?

Open Banking allows customers to use services built by other companies and give permission to those services to access customer’s bank data , if the customer has agreed to share it. Services built on the Swedbank Open Banking APIs will never get access to a customer's data without the customer specifically giving his/her consent to that application.

Is Open Banking safe?

Customer safety is our first priority. Current Open Banking functionality is limited to a test data, which is not real customer data. Open Banking functionality will be further expanded and, in parallel, new security measures will be added. Open Banking is built on EU PSD2 regulation guidelines and puts customer rights and security in focus.

What is PSD2 and how does it relate to Open Banking?

EU has issued the PSD2 regulation that strives to make payments safer, increase consumers protection, foster innovation and competition while ensuring an equal playing field for all market players, including new ones. It means that:

  • The customer can grant third-party service providers access to the customers payment account information at the customers bank;
  • The customer can grant third-party service providers permission to initiate payments from the customers Swedbank bank accounts;
  • Authentication processes related to information and transactions must adhere to updated strong authentication standards.

Creating APIs that allow 3rd parties to integrate their services with Swedbank and, with customers consent, use their account information or initiate payments, is at the core of Open Banking. But that is just the first step of opening the banks services – we invite any fintech with ideas on how to collaborate to deliver interesting customer solutions to approach us for Premium API access beyond the PSD2 scope.

Where can I learn more about PSD2?

Here is more information provided by European Commission about the directive.

Where can I get more information about Open Banking?

You can write to openbanking@swedbank.com

Open Banking Terminology

PISP

PISP stands for Payment Initiation Service Providers. These service providers are authorized to initiate a payment on behalf of the customer if they have given such permission.

AISP

AISP stands for Account Information Service Providers. These service providers are authorized to view the customer’s payment account information, if such permission is given by the customer.

TPP

TPP stands for Third Party Payment Service Providers. It describes both AISP and PISP companies mentioned above.

RTS

RTS stands for Regulatory Technical Standard. Market players need specific requirements to comply with the new obligations in PSD2. The security measures outlined in the RTS stem from two key objectives of PSD2: ensuring consumer protection and enhancing competition and level playing field in a rapidly changing market environment.

Consent

Consent is an integral part of PSD2 and collaboration with 3rd parties. The only way Third Party Payment Service Providers can act on the customers’ behalf is if the customer has given explicit consent (authorization) to have such permissions. The customer also has an overview of who has been granted consent. Consent is valid 90 days but can be revoked anytime by the customer.

OAuth 2.0 

OAuth 2.0 is the security model used. It is an open protocol to allow secure authorization in a simple and standard method from web, mobile and desktop applications. It enables third-party applications to obtain limited access to a web service.

Developer portal & APIs

Where can I find the developer documentation?

Log in to the Developer portal to access the developer documentation.

You can also access it here.

How can I get started?

You can register your account here.

What browsers are compatible with the Developer portal?

Developers and API publishers need one of the following browsers to use the Developer Portal:
• Mozilla Firefox 50 or later
• Google Chrome 55 or later
• Microsoft Internet Explorer 11 or later

How much does it cost to use Open Banking?

The current Open Banking’s Sandbox functionality is for free and pricing models will be released together with live API environment.

What is the planned date for APIs to be available in live environment?

Currently we have launched a BETA Sandbox environment and are continuously working on improving the environment and live API development. To receive news and updates on latest releases, sign up to the Developer portal.

What can I do with this API?

With the API you can:

  • Get a list of reachable accounts (AISP)
  • Initiate payments on the customers behalf (PISP)
  • Get balances for a given list of accounts (AISP)
  • Get transaction information for a given account (AISP)

The API provides data for both Swedish and Baltic customers in Swedbank.
More detailed information is available in the API documentation.

Can we already become your partner and build applications together with Swedbank?

Yes, we are always open to mutually interesting cooperation with 3rd parties. You can fill out the partner application form here.

If you have not been able to find an answer to your question, don’t hesitate to e-mail our support team at openbanking@swedbank.com

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