OP introduces multi-bank service for smoother management of personal finances

June 09, 2020 | Rune Kallehauge

OP is introducing a new service for viewing account information from different banks in one channel. OP Multi-Bank Service will enable a clearer picture of personal finances in a single multi-bank view, thus making banking easier. This service is being launched in OP’s self-service channels gradually from the beginning of June.

In the future, OP’s customers can view account information from other banks in OP’s channels. The new OP Multi-Bank Service will increasingly streamline banking and make it easier to piece together the overall picture of personal finances.

OP’s customers can adopt the service on the op.fi online service, and the feature will also soon become available on OP-mobile. At the moment, accounts held by Nordea, Danske Bank, Handelsbanken and S-Bank can be viewed on this service.

“Our goal is to continuously improve the digital customer experience of our services and foresee our customers’ needs. OP Multi-Bank Service will streamline the management of personal finances as all incomes, expenses and savings can be viewed at a glance in the familiar channels,” relates Masa Peura, SVP of Payments, Accounts and Personal Finance Management at OP.

The service is just as safe to use as the other OP channels. Users whose account information is to be retrieved identify themselves with the identification means of the bank, and consent to the displaying of information for 90 days at a time. In the future, the service will also enable making payments from another bank’s account in addition to viewing account information.

Open APIs enable novel services

As a result of the Payment Services Directive (PSD2) that came into force in the autumn of 2019, banks and third parties can develop novel services utilising account data for their customers. The purpose of the directive is to, among other reasons, increase the selection of services offered to customers and payment safety.

“OP Multi-Bank Service is a good example of the benefits to customers made possible by PSD2. In the future, we’ll see many kinds of innovations, both from banks and third parties. OP’s goal is to make use of the possibilities afforded by PSD2 in payments and financial management. We wish to offer our customers the best services in cooperation with our partners,” says Peura.

OP Multi-Bank Service has been produced in cooperation with Nordic API Gateway, whose technical solutions comply with banks’ regulatory requirements.

The announcement was originally published on op.fi.