Connect with us

News

TINK TECHNOLOGY ENABLES MULTI-BANKING FOR NORDEA’S NORDIC APP CUSTOMERS

Tink’s account aggregation, data enrichment and personal financial management technologies have been integrated into Nordea’s mobile banking app to deliver a personalised financial overview for the bank’s customers in Sweden, Norway, Finland and Denmark. The new app features will be rolled out gradually by Nordea in the Nordic markets — starting with Sweden, today.

 

Open banking platform Tink and the leading Nordic bank Nordea have worked together to add new multi-banking features to Nordea’s mobile banking app. The new features will make it possible for Nordea’s app users to get a comprehensive overview of their finances in one place, including mortgage, savings, loans and current account — even from other banks.

From today, these new features will be available to customers in Sweden using Nordea’s app, with the same capabilities due to launch in Norway, Finland and Denmark in the coming months. Additional features based on Tink’s open banking technologies — including the possibility for Nordea’s app users to categorise costs, analyse their spending and set budgets— will be added to the app later this year.

 

Anders Nicander, Head of One Digital, Nordea, said: “Nordea is dedicated to providing great digital experiences, and we want to be seen as a relevant partner to our customers. As part of that, Nordea is happy to see that our customer experience in the Nordea Mobile App is improved through our collaboration with Tink. Providing Swedish customers with a more complete financial overview is our first delivery together with Tink. Now we look forward to bringing this to our other markets and at the same time develop other exciting functionalities based on Tink technology.”

 

Daniel Kjellén, co-founder and CEO of Tink, added: “Our open banking technology has already helped millions of bank customers across Europe to get a better overview and understanding of their finances. We are very proud to now make our technology available to almost 11 million bank customers in Sweden, Norway, Finland and Denmark through our partnership with Nordea.”

Since launching in Sweden in 2012, Tink has been dedicated to enabling banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Today, Tink has more than 270 employees globally and is Europe’s leading open banking platform — enabling customers to connect to more than 2,500 banks that reach over 250 million bank customers across Europe.

News

FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

  • 86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12 months
  • Banks believe regulators are stifling innovation: almost half (48%) believe ‘regulation is too tight’ and that there is ‘not enough government or industry support to foster innovation’

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation.

The research, which was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE1, shows a maturity of API adoption and calls for the harmonization of regulations between geographies.

Key findings include:

  • Open banking is on the up in 2020 compared to 20192: The percentage of financial institutions looking to leverage open APIs has substantially increased in the US (+23%) and UK (+17%), while Singapore (+1%), France (-1%) and Germany (-4%) are relatively stagnant since our research in 2019.
  • Improvements in the overall customer experience accelerate API adoption: the US (45%), Hong Kong (42%) and France (36%) are leading the way in harvesting this benefit of Open APIs (UAE: 32%; Germany: 20%; Singapore: 20%; UK: 19%). Overall, 41% of global banks say that they are ‘still in the early stages of adoption’, so it’s difficult to measure the impact of Open Banking on their business so far.
  • Regulation is perceived to be tighter than a year ago and industry or government support is required to foster innovation: Almost half of those audited believe that regulations are holding back innovation. 48% state that ‘regulation is too tight’ – 10% more than 2019 – and the same percentage (48%) believe there is ‘not enough government or industry support to foster innovation’, particularly so in Hong Kong (62%), France (50%) and Singapore (49%), compared to 38% in the UK.
  • A call for harmonization: 83% of financial institutions and banks agree that regulations regarding fintech innovation should be harmonized across different geographies.
  • Cost of fintech research and development is of concern in some regions: Cost of R&D in the US, UAE and APAC regions is highlighted, more so than in the UK. (USA: 55%; Hong Kong: 55%; Singapore: 51%; UAE: 46%; France: 43%; Germany: 34%; UK: 33%).

 

Simon Paris, CEO at Finastra said, “It’s encouraging to see Open Banking maturing on a global scale, but it’s still seen by many to be in its teenage years, with scope for creating even greater opportunities. We believe it will be the first step towards Open Finance which will see the next wave of innovation in financial services being created through collaboration on open platforms, like FusionFabric.cloud, using open APIs and open software solutions.

“Currently banks and technology vendors are rightly focused on business continuity and keeping their workforces safe. We’ve also seen many of these firms moving with amazing pace to bring innovative solutions to market, with the help of technology, to support customers in this new environment. As we come through this situation together, we must endeavor to emerge stronger, and it will be interesting to see how Open Banking and collaboration accelerate when this outbreak ends.”

 

Continue Reading

News

LIBERTY BANK REINFORCES ITS FRAUD STRATEGY TO FURTHER PROTECT ITS CUSTOMERS

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of fraud the industry is currently seeing. The bank has teamed up with long-term partner Compass Plus to launch a new fraud detection and prevention system built on their solutions.

 

Following the completion of the project, which was implemented with technological support from Compass Plus, Liberty Bank can efficiently and effectively monitor and act on suspicious transactions, enabling them to substantially reduce the risk and losses associated with a wide range of fraudulent activities, while protecting their customers.

 

The key drivers for Liberty Bank choosing Compass Plus software were the ability to quickly create their own algorithms to detect and prevent suspicious transactions, the integration of the solution within their existing infrastructure, and the capability to provide services to sponsored banks.

 

“The partnership between Liberty Bank and Compass Plus began in 2005, and the implementation of this project has, once again, demonstrated the flexibility of Compass Plus’ software and its ability to meet the latest industry requirements and trends. With the help of our new fraud detection and prevention system, we are able to combat fraud on a brand new level – not only can we promptly respond to any potential threats, but also prevent suspicious transactions, making our card products convenient and safe for customers,” said Levan Tkhelidze, Deputy Director General  at Liberty Bank.

 

“Our long-term partnership with Liberty Bank is important for us, and for them to choose our software to build their fraud strategy around showcases not only the strength of our relationship, but the reliability and robustness of our solutions. This project has once again confirmed that Compass Plus solutions meet the advanced industry standards and correspond to market conditions, in which the volume of card fraud is constantly growing, and methods used by fraudsters are becoming increasingly complex,” said Dmitry Lenshin, AVP & Regional Business Development Director at Compass Plus

 

Continue Reading

Magazine

Partner Events

Trending

Finance1 day ago

AI: CUSTOMER FACING EMPLOYEES’ BEST FRIEND IN THE FINANCIAL SERVICES INDUSTRY

By Ryan Lester, Senior Director, Customer Experience Technologies at LogMeIn   We’ve all heard the old saying “money talks.” Well...

Banking1 day ago

HOW IDENTITY IS SECURELY UNLOCKING THE SME BANKING MARKET

By Mike Kiser, senior identity strategist at SailPoint   Have an identification card in your wallet? With a selfie and a...

Business2 days ago

FIVE REASONS WHY YOUR BUSINESS’ PROCUREMENT TEAM SHOULD BE USING A CONTRACT MANAGEMENT SYSTEM

By Daniel Ball, business development director at Wax Digital   Even in today’s digital-first environment some businesses are still storing...

Videos2 days ago

EXEGER – CHANGING THE PERCEPTION OF POWER

   

News2 days ago

FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12...

Wealth Management2 days ago

STOCK MARKET ANALYSTS DISCUSS HOW TO INVEST DURING A RECESSION

Online tool looks back at how world markets recovered after the last recession in 2008 Analysts take learnings from previous...

TRUSTS TRUSTS
Business2 days ago

PROTECTING YOURSELF AGAINST A RECESSION

James Turner, Director at Turner Little   The coronavirus outbreak has spread to businesses, leaving many around the world counting...

News2 days ago

LIBERTY BANK REINFORCES ITS FRAUD STRATEGY TO FURTHER PROTECT ITS CUSTOMERS

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of...

News2 days ago

COMMERCIAL FINANCE SPECIALIST IGF NAVIGATES THE LOCKDOWN

Leading independent commercial finance specialist, Independent Growth Finance (IGF), entered the lockdown after a record-breaking financial year came to an end in March. In April, it was accredited by...

News2 days ago

COVID-19 WILL BE THE TIPPING POINT FOR DIGITAL TRANSFORMATION IN PROCUREMENT

Seven in ten organisations in the UK say the global pandemic has increased the need for procurement to digitally transform...

News4 days ago

TRIO OF NEW REGIONAL DIRECTORS HEAD UP TIGERWIT’S GLOBAL EXPANSION

Following the release of their record revenue for the last financial year, award-winning online trading platform, TigerWit, has strengthened their...

Wealth Management4 days ago

SECURING THE EVIDENCE FOR VAT AND TAX

Filippa Jörnstedt, Senior Regulatory Counsel at Sovos   Businesses are almost entirely digital in their nature. With sophisticated technology now...

Finance4 days ago

TIPS TO PROTECT YOUR CASHFLOW DURING THE COVID-19 PANDEMIC

By Rita Cool, Certified Financial Planner at Alexander Forbes Financial Planning Consultants   The full impact of the COVID-19 pandemic is...

News4 days ago

RETAILERS WHO OPEN THEIR DOORS WILL NEED EXTRA HELP

With thousands of retail stores given the green light to open in the next few weeks the government needs to...

News4 days ago

LEADING BANK IN TURKEY USES ONESPAN’S MOBILE APP SECURITY SOLUTION TO HANDLE DOUBLING OF DEMAND FROM COVID-19

OneSpan’s scalability helps DenizBank protect millions of mobile banking users as the coronavirus pandemic drives massive increase in hacking attacks...

News4 days ago

KASKO PARTNERS WITH VIVIUM TO LAUNCH FULLY DIGITAL BIKE INSURANCE IN BELGIUM

Vivium, a member of the P&V Group, turned to the InsurTech provider to build an omni-channel and bilingual insurance product,...

News4 days ago

THE STRATEGIC ALLIANCE BETWEEN MINSAIT AND AURIGA WILL PROVIDE AN INNOVATIVE OMNICHANNEL PLATFORM FOR A SUPERIOR BANKING EXPERIENCE

Minsait, an Indra company, and Auriga have reached a strategic agreement that will strengthen their position in the digital transformation...

News4 days ago

INFORMAL PUBLIC TRANSPORT: FRONT-LINE MOBILITY HEROES

By Devin de Vries, CEO, Where Is My Transport    Every week, 5 billion commuters in emerging markets have no...

Finance7 days ago

FIXING THE FLAWS IN FINANCIAL SERVICES’ DATA MANAGEMENT

Simon Cole, CEO at Automated Intelligence, a cloud-based data compliance and governance solutions provider to the financial services sector, warns FS...

Business1 week ago

FROM MANUAL TO MACHINE LEARNING: HOW TO APPROACH THE RECONCILIATION ‘PROBLEM’

By Christian Nentwich, CEO at Duco   At the start of 2020, before the global coronavirus pandemic changed the world,...

Trending