Nordigen is launching a suite of new products designed to help developers build open-banking-powered applications with more ease. Composed of six products, the Nordigen Premium suite assists with data cleaning, enrichment, and insights, and allows developers to not only get access to open banking data but also make sense of it using a set of simple APIs.
Developer friendly and designed and priced with SMEs in mind, Nordigen Premium will allow users to go beyond simply accessing open banking APIs with the aim of enabling more innovation across financial services.
Open banking has the potential to boost the EU's economy by 1.5 percent by 2030, yet currently 90% of this value remains untapped due to a lack of access to standardised data. Today in Europe, building applications that use open banking data is still prohibitively expensive, as banking data is ambiguous and comes in an array of formats, with developers often having to build complex tools just to make sense of the data. As a result, major barriers exist between the value of open banking data and the ability of developers to turn that data into usable applications.
“Our users love that they can connect to bank APIs for free but many have been struggling to make sense of the data in its raw and unstructured format. We're now removing this barrier. You no longer have to be a software engineer or have a PhD in data science to work with open banking data,'' commented Rolands Mesters, co-founder and CEO of Nordigen.
Nordigen’s new suite of products, collectively called Nordigen Premium, aim to fundamentally shift open banking data towards a more developer-friendly focus. The new products can be used to clean, enrich and analyse account and transaction data to gain valuable insights, all within a simple self-service platform. Companies now have the opportunity to understand their customers better than before and build products that better serve them. Use cases for the new data products include BNPL, consumer lending, accounting, cash flow management, and personal finance.
Nordigen launched the first free open banking API last year, and has the largest network of API bank connections in Europe. With the launch of the new products, Nordigen's platform now offers a complete set of tools to connect to more than 2,100 European banks, retrieve banking data, and prepare data for use in developer applications.
“Open banking data in Europe is free. Now it's also more developer-friendly. What we hope to see is this access to standardised data serving as a catalyst for more applications that leverage open banking,” says Mesters.