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Banks in the Finance Innovation cluster spearhead PSD2 collaboration

Sbanken, Sparebanken Vest and Sparebanken Sogn og Fjordane have joined forces to cooperate on a account aggregation program, allowing their customers to view their accounts across the banks from their online banking platform.

- Norwegian banks will benefit by taking a more proactive approach to the EUs new Payment Services Directive, PSD2. Therefore, together with Sparebanken Vest and Sparebanken Sogn og Fjordane we have initiated a project to make PSD2 more viable before the implementation of the directive, says Christoffer Hernæs, Chief Digital Officer in Sbanken. 

The three banks aim to set an example of how banks can collaborate in the competitive market and invite other players in the industry to follow their initiative and take part. 

-We hope to set an example of how banks can collaborate to compete and hope more banks will follow in our footsteps. By doing this now, we are leveraging APIs to create both customer value as well as a competitive advantage rather than waiting until it is required of us to open up our APIs under PSD2, says Hernæs.

- We are pleased to see the collaborative efforts between our three cluster-members. These efforts mark a shift from sole competition towards collaboration and joint opportunities. The initiative between the three banks is a prime example of how cooperation across the sector really can add value for the end users as well,  says CEO of Finance Innovation, Atle Sivertsen.