As the EU directive, PSD2, is set to simplify the payment ecosystem across Europe, payment service providers are starting to investigate the opportunities of providing new account-to-account payments to let merchants initiate instant payments from the customers’ bank account to the merchants’ bank account.
Both Svea and Nordic API Gateway see Open Banking as a significant game-changer in the ecommerce space. In early 2021, Svea has announced plans to activate Open Banking payments in Finland, and soon after in other markets across the Nordics and Baltics.
Nordic API Gateway processes more than half a million PSD2 payments monthly for customers like OP Financial Group, Checkout Finland, Danske Bank, DNB, Lunar, and more, according to the official press release. The Open Banking platform is currently live in 21 European markets and expects to be fully rolled out with their payment initiation module across Europe during 2021.
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