Nordea expands business services with embedded finance
Nordea is leveraging its Open Banking expertise to enhance business financial services. The bank is offering API solutions that integrate directly into clients' own digital environments.
Helsinki – Nordea Bank Abp has expanded its offering with embedded finance services, enabling the integration of financial operations directly into corporate clients' own digital environments and applications.
The bank is utilizing its Open Banking expertise to provide Application Programming Interface (API) solutions that go beyond PSD2 compliance requirements. The aim is to enhance customer experience and simplify the use of financial services as part of a broader business process.
"Embedded finance means providing your banking service in a way that it can be included in a broader service from the user’s side," said Gunnar Berger, Head of Open Banking at Nordea. "This means your banking routine or service becomes part of the larger context where it adds value to the total process."
The bank is among the pioneers in Open Banking in the Nordics, with its solutions aiming to transform the traditional consumption of financial services. Ulrika Claesson, Head of Open Banking Community at Nordea, emphasized that it is about meeting customer needs where the customer operates.
Nordea has been actively developing its API marketplace, enabling the provision of both publicly visible premium services and embedded, less visible financial services. An example is the collaboration with airline Finnair, which facilitated the launch of a Finnair-branded credit card that speeds up credit decisions and offers additional benefits to customers.