PSD2 requires all banks and Electronic Money Institutions to develop a dedicated interface such as an Application Program Interfaces (APIs) for account information and payment initiation services, which should be the main point of access for third-party providers (TPPs). Swedbank was among the first banks in Europe launch an API on 25 January 2019 - long before it was required.


PSD2 also introduced a new concept of on-boarding, where TPPs are not required to enter into a commercial contract with the bank but have the legal right to access customer accounts by providing an eIDAS-certificate. As PSD2 also established clear rules on data sharing it is considered a catalyst for banks to develop more bespoke or ”Premium” APIs, going beyond PSD2 functionality and ensuring that other products and services are provided directly to the customer or through third-parties. 


Swedbank also acts as a TPP. For instance, in our Baltic internet bank our customers have the possibility to initiate payments and access account statements from their other banks.  Swedbank has also launched a service for corporate customers, where e-commerce merchants only need one agreement and one technical integration that covers several banks from one interface.


So, have things progressed during the first year of PSD2? Yes, we believe so! Here are some highlights:

- Already on 18 September 2019 we had reached €1m turnover and by years end more than one million payments had been initiated via APIs.

- Today, more than 50 TPPs from 14 European countries representing 15% of all European TPPs are connected to Swedbank PSD2 API.

- Beyond 5.4 million payments have been executed! Value exceeding 360mEUR.

- The fastest and the widest adoption of PSD2 API took place in Lithuania where 70% of Swedbank active digital customers have used the API.

- Turnover in cash of 1 cent weight in elephants = 16 000 elephants.

- 86% payment initiation transactions are done within one minute or less.


Swedbank is committed to continuously update and develop our PSD2 API to further improve our customers experience, including the offering of new Premium APIs. 

We are glad working with you and looking forward for future cooperation on Premium APIs!