SEB bank customers can now manage their accounts with Swedbank at the internet bank

From now SEB bank customers can add accounts with other banks to their internet bank that will allow to plan their finances easily. Those SEB bank customers who have accounts with Swedbank will be able to try this opportunity first. Initially, the new service will be available to private customers, and in near future, companies will also be provided this service. We continue working to ensure that it would be possible to view accounts with other banks in the internet bank of SEB bank, including accounts with SEB bank opened in Estonia and Lithuania.

Initially, information of added accounts will be provided in the internet bank, including their balances and transaction history. Further on, it is planned to develop other functions, for example, option to make payments. Therefore, customers, in near future will be able to manage their budget in one internet bank platform, to plan their expenses and make transactions from all accounts, including those opened with other banks.

“To be able to use this option, the customer has to add additional accounts on the homepage of the internet bank, providing a special consent to show accounts with other banks in the internet bank of SEB bank. Such consent is valid 90 days. After 90 days, due to data protection reasons, the consent has to be renewed, moreover, the customer can revoke it any time. Moreover, it is important to note that information on added accounts with other banks will be visible to the customer only and neither bank, nor third parties will be able to use this information in any way. We hope that after 14 September 2019, other banks and financial technology companies will be open to cooperation to provide everybody in the Baltics an opportunity to manage their finances,” Jānis Dirveiks, Head of SEB Baltics Open Banking project, commented.

“Every customer of the bank is entitled to manage their data and finances freely and it is important that banks and other financial services providers are able to ensure it in a convenient and safe way that complies with the modern digital environment. Open Banking approach is a step closer to changes faced by the finance world. This allows customers to pay for goods and services faster, simpler and easier, at the same time facilitating innovation development, improving payment security, and standartising payment systems across Europe,” Arnis Škapars, SEB bank Board Member, added.

As noted before, the requirement to provide access to the data of bank’s customers to third parties – licenced financial services providers – via safe communication channel or API* is stipulated in the Second Payment Services Directive (PSD2) that will become effective on 14 September 2019.  The Financial and Capital Market Commission (FCMC) approved the API developed by SEB bank in the end of August as compliant with the requirements. Therefore, every financial services provider who wants to can provide their customers who have an account opened with SEB bank access to their account information on third parties’ websites.

In 2017, the first step was taken to ensure compliance with the requirements of the Directive, when SEB Open Banking platform was opened in the Baltic States. The goal of the platform is to cooperate with the financial technologies companies and create innovative financial services that would simplify the daily life of customers. www.seb.lv/open-banking

More information about adding other accounts to SEB bank internet bank: link.

*API, Application Programming Interface, is a set of tools to create software and applications. It is the abbreviation that is most often used when referring to third parties’ access to banks’ infrastructure for them to be able to offer their services to customers of banks.