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In a fresh entry on the Intertrust blog, Anders Nerman, Head of Open Banking at SEB, and Johan Jeuring, Solution Architect at Intertrust, discuss the potential of Intertrust’s blockchain to streamline and simplify the creation and management of Open Banking services at SEB.

Their collaboration aims to demystify the complexities of Open Banking and highlight how Intertrust’s technology can be a game-changer in this domain.

Open Banking: A Complex Landscape

Open Banking is a European initiative that mandates banks to open their services and data to third-party providers. This initiative, part of the Payment Services Directive 2 (PSD2), promotes competition and innovation within the banking industry.

Third-party providers (TPPs), such as fintechs and aggregators, can develop services like account information services (AIS) and payment initiation services (PIS). AIS enables TPPs to collect and display customers’ account information from multiple banks in one place, while PIS allows TPPs to initiate payments on behalf of customers.

The Role of Intertrust’s Blockchain

Intertrust’s blockchain serves as a central registry to streamline the integration and interaction between SEB and TPPs. When a TPP integrates with Intertrust’s blockchain, they gain authorization to service multiple banks, including SEB.

This technology simplifies the onboarding process and reduces administrative burdens. Moreover, Intertrust’s blockchain provides a secure and transparent environment for exchanging data and managing permissions between SEB and TPPs.

Together, they are exploring how Intertrust’s blockchain can be utilized to create and manage Open Banking services at SEB in a more efficient and straightforward manner. Their collaboration signals the potential of blockchain technology in simplifying and advancing the European Open Banking initiative.

The post Intertrust and SEB Join Forces to Simplify Open Banking Services appeared first on Fintech News Today.

The post Intertrust and SEB Join Forces to Simplify Open Banking Services appeared first on Fintech News Today.