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Nordea launches new open banking service

Finland-based Nordea Bank Abp launched a new open banking service dubbed Instant Reporting that will allow its corporate clients to access their own accounts and incorporate real-time data with their own systems.

The offering is built on the second European Payment Services Directive, or PSD2, and turns open banking into a commercially viable product, the lender said Dec. 17.

PSD2, which came into force in January, requires banks to open up customer transaction data to third parties — with permission — to initiate payments or provide other products and services.

Instant Reporting will be launched in Finland and Sweden initially, Nordea said.