Open Banking has taken a slow but steady start and according to Konsentus latest report, more than 234 TPPs have been registered across the European Economic Area, with many more to surely join next year. For Swedbank, the number of payments already executed through our APIs comes close to 1 million since the launch of the live platform.

Our plans for the upcoming year

  • Biometrics for Baltic markets: We have started work on integrating biometric identification into PSD2 API. It will work on mobile devices with Swedbank mobile application installed. Planning to have it released 2020 Q2;
  • PSD2 API v3: 2020 Q2 we are planning to release PSD2 API v3. This will require TPPs to adjust their applications according to Swedbank PSD2 API v3 specification. The main changes in v3 includes BGS v1.3.4 alignment, simplified SCA process for statements over 90days, improved personal account handling process for Swedish customers as well as several smaller but important changes. However, v2 still will be available for reasonable time;
  • Decoupled authentication: From the end of 2020 Q1 decoupled authentication will be available for Private Mobile BankID users in Sweden for payment initiation and account information services;
  • FX API in Sweden: In 2020 Q1 we have a Premium FX API coming up that will allow you to fetch foreign currency rates for information purposes. It will also enable you to transact foreign currency conversions e.g. buy EUR and sell USD.  

Improved API and issue reporting

We have improved API according to market demands and also introduced bugfixes, stability and performance improvements. To make issue reporting smoother and avoid many back-and-forth e-mails, we have introduced a new form that allows you to share detailed information in a structured way about experienced issues and helps our team resolve them even quicker. We are proud to respond with solutions to more than 80% of all issues within 1-2 working days.

Save The Date: TechTalks on PSD2 API in practice

On January 9th 2020 we are planning a technical event in Vilnius, Lithuania with practical insights on use and integration of API with multiple experts from the Swedbank Open Banking team. Save the date in your calendar and the event will be announced shortly on RockIt Facebook page.

Open Banking beyond the virtual

Not only are we building a large community online, we also have several ways to work with the bank and meet our experts face-to-face.

This summer, we launched a co-working space in Vilnius called RockIt where we offer many different events and co-creation opportunities for entrepreneurs.

In Riga, we have co-working space DoBe located in the bank’s headquarters. The space is home to more than 18 startup companies and we continuously evaluate more teams to join the space. If you are interested to find out more about the space or apply for a spot, you can do it here.

Thank you for being part of our growing community and as always - if you have any questions or feedback don’t hesitate to contact us at openbanking@swedbank.com – we are just one quick e-mail away!

Wishing you Happy Holidays and a great beginning of 2020!