FinTech startup Tink announced the launch of its API platform this week, a solution to open up data from banks across the Nordic region for third-party developers.
Reports in Business Insider said the Sweden-based company’s API platform is now live, enabling developers to access bank customers’ account data to enhance their own services.
Tink has been in operation since 2012 and has amassed a trove of bank API integrations, foreseeing the need among financial institutions to integrate with third-party apps and services to remain competitive with the changing technological landscape.
The company’s third-party developer platform is now live to support the FinTech side of this disruption.
“What we’re really doing is that we are compressing the account data from 300 financial institutions into one API,” said Fredrik Hedberg, Tink co-founder and CTO, according to Business Insider.
Customers need to give permission to enable third-party players to access their data. The API will link those developers and third parties to the data to use within their own platforms.
PSD2’s initial rollout began earlier this year, with European banks working on a deadline to open up their data and develop their own APIs to facilitate the process by this summer. According to Tink, its API platform aggregates customer data across financial institutions, enabling third-party developers to use a single point of access for the data, instead of having to develop connections into banks’ individual APIs.
“Instead of going around to these different banks, a developer can now access them in one place and focus on using the data to build a superb user experience,” Hedberg added.
The API platform is now live in the Nordic region, though reports said Tink aims to expand the service across Europe. The company is already integrated with BNP Paribas in Belgium and Dutch bank ABN Amro.
In 2016, Tink announced $10 million in funding for its consumer-facing solution: a mobile banking and personal financial management platform.