By Aisling Finn on Thursday 19 November 2020
Aiia will let companies become PSD2 compliant without having to apply for their own licence.
Open banking fintech Nordic API Gateway has launched a new platform to help businesses of all shapes and sizes use open banking.
Aiia will allow companies looking to use open banking innovate within the sector without the need for attaining a Payment Initiation Service Provider (PISP) or Account Information Services Provider (AISP) licence.
Rune Mai, CEO and founder of Nordic API Gateway, said: “Open banking hasn’t been as open as we’ve hoped for; we haven’t seen many TPP registrations going live across the Nordics.”
“With that being said, we see that the interest in using financial data and instant account-to-account payments is increasing across industries and the open banking movement is starting to mature.”
A recent survey conducted by the financial API provider found that of the SMEs and financial institutions nearly all (91 per cent) were aware of PSD2, the second EU Payments Services Directive that was introduced in January 2018.
Obtaining a PISP or AISP can be costly and take up considerable time and effort for young companies just starting to tip their toes in the open banking water.
Just like how banks and other financial institutions often allow fledgeling companies to trade using their banking licenses, Aiia will do the same for open banking regulations.
Mai added: “We see this as an initiative that benefits businesses, consumers and society in general. It truly puts the ‘open’ into ‘open banking’ by creating transparency of financial data use for the end-user.”
The platform is currently being rolled out across the Nordics and the fintech hopes to introduce the product Europe-wide by 2021.