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Finnova launches Open Banking as a Service solution

Friday 23 April 2021 10:49 CET | News

Finnova has launched its Open Banking as a service solution with the implementation of the Swiss NextGen Banking API. 

The as-a-service solution enables the connection of third-party companies and fintechs to the Finnova banks. To begin with, it addresses the payment initiation service and the account information service, which are two central business cases. 

The solution was put into productive operation in the Finnova Community on 1 April 2021. It is based on the standard defined by the independent OpenBankingProject.ch association and is the Swiss answer to the EU's PSD2 directive on harmonisation of payment transactions. Ergon's Swiss open banking solution is a central part of the as-a-service product. This new offer makes 'banking in the value chain' tangible. 

Finnova is implementing its Open Banking as a service solution in close cooperation with Swiss technology and security service provider Ergon Informatik. Ergon contributes its Swiss Open Banking solution and security products as well as its experience from similar projects with Swiss and EU banks. 

Since April 2021, a Liechtenstein Bank has been using Finnova's Open Banking as a service solution, based on the digital banking backbone of Finnova. It serves as a technical and conceptual backbone and as a starting point for developing new user experiences. On the basis of the digital banking backbone completed by Finnova, further Open Banking as a service solutions will follow on an ongoing basis.

 


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Keywords: Open Banking, digital banking, payment initiation, API
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Switzerland
This article is part of category

Banking & Fintech