Tieto launches financial API aggregation platform to simplify access to Nordic and Baltic banks
17 September 2019
Tieto, one of the first PSD2-driven open API data aggregators, has launched a financial API aggregation platform. The service allows licensed third-party processors, such as account initiation service providers (AISPs) and payment initiation service providers (PISPs), to connect to several Nordic and Baltic banks in one place.
Banking APIs open up access to a range of account and user data, enabling the creation of innovative, personalised financial products and ensuring better consumer choices. But new financial service providers find it costly and time consuming to connect to several individual banks. The aggregation platform solves this problem by offering access to multiple banking APIs through a single integration.
Jarkko Turunen, Head of Business Development & Product Management for Payment Solutions at Tieto, comments on the service coverage: "We have started by aggregating data from key banks in the Baltics and Nordics and aim to build new connections right across the EU. We see wealth management and corporate lenders as the first to benefit from the service and are working on more use cases. Alongside helping our clients, data aggregation is a key building block of our banking software products.”
For easy onboarding, Tieto offers a web-based, aggregation service portal completed with sandbox that allows users to explore and test different data sets before going live. Using demo data, users can simulate all possible scenarios of connection, authentication, error handling and data exchange flows. In addition, the site includes free of charge documentation on open banking and PSD2.
The new financial API aggregation platform is an addition to the existing Tieto PSD2 compliancy solution currently deployed as SaaS for multiple banks in the same region.
For additional information, please contact: Kristaps Puke, Sales executive for Payment Solutions, Tieto, firstname.lastname@example.org, phone: +371 291 866 80
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems.
Headquartered in Finland, Tieto has around 15 000 experts in close to 20 countries. Tieto’s turnover is approximately EUR 1.6 billion and shares listed on NASDAQ in Helsinki and Stockholm. www.tieto.com