European challenger bank Banco BNI Europa has struck a deal with software firm NDGIT to extend its Open Banking services across the continent.
A change in European Union law at the start of the year has brought in Open Banking, which means consumers can allow businesses, other than their bank, to access their financial data.
Advocates say this potentially allows customers to get better deals, such as cheaper overdrafts, and to speed up the switching process.
This technology operates under Payment Services Directive (PSD2) and application programming interface (API) rules.
Banco BNI Europa executive chairman Pedro Pinto Coelho said, “On 14 March, the implementation of PSD2 will enter the next phase – banks must provide a test environment including documentation for their account information and payment initiation services.”
Coelho added: “Following our strategy of open architecture, NDGIT is the best partner. In a business where time is money, an implementation in just 60 business days brings us far ahead.”
Portuguese-based Banco BNI Europa has a number of operations in such markets as Germany, the UK, the Netherlands, Austria, France and Belgium. It sells such credit products as consumer credit, student loans, small business lending and real estate lending.
Munich-based NDGIT sells ready made PSD2 and API services that allows banks to connect their customers with each other online.
NDGIT chief executive Oliver Dlugosch said: "NDGIT is already working successfully with over 20 banks in Europe. The cooperation with BNI Europa adds another country to our map, further confirms our Open Banking competence and supports our business and international growth fundamentally.”
In July, Banco BNI Europa and UK-based Fintex Capital entered into a strategic partnership to invest in US marketplace lender Upgrade’s consumer loans business.