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Treasury and Trade Solutions
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The Request to Pay Revolution
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• Follow a proactive business strategy, not a minimum
compliance approach.
• Foster innovation in customer authentication and
participate in relevant standards initiatives like
W3C web payments and API standards consistent
with ISO 20022.
• Involve both the retail bank and the wholesale bank.
• Pursue an aggressive API strategy with three
parts: a) external APIs for both retail and wholesale
banking, b) internal APIs to create agility and c)
the consumption of external APIs to enrich bank
services.
• Make credit available through APIs to offer both
‘
Pay Now
’ and ‘
Pay Later
’ options to customers, e.g.
a dedicated digital payment account with a line of
credit or installment plans available at checkout.
• Unbundle other services traditionally provided by
cards and make available through APIs.
• Take RTP capabilities to the POS and B2B segments.
• Support bulk crediting of incoming RTPs as
merchants may not want large numbers of of
individual small credits on their bank accounts.
• Engage with the new schemes to express
requirements.
• Drive innovation in customer authentication to build
frictionless payment experiences on top of RTP.
• Take RTP to POS and B2B segments.
• Mono-line payments players should seek to
diversify revenue sources – geographically and
through new lines of business – to hedge against
a potential step change in merchant fees.
• Fill in the gaps in RTP to meet merchant and
marketplace needs — each one is a significant
business opportunity.
Banks
Fintechs
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The Nordics are advanced digital
payments markets where real
time payments through schemes
like Swish have gained mass
market adoption in a short
timeframe. Nordea is leaning
into the API revolution and was
first out in the Nordics with our
developer portal, which will help
deliver the best in new banking
solutions to our 11 million
customers. We believe that Open
Banking will bring profound
changes and we look forward to
creating the future ecosystem
in collaboration with others.
Jarkko Turunen,
Head of Open Banking, Nordea