Which APIs OP is planning to open and when?
We will open application programming interfaces (APIs) across all our businesses. We will offer APIs in banking, insurance, investment management, health, living and mobility. Due to the diversity of our business, we are able to offer wide range of opportunities for our partners and other software developers.
The APIs will be opened in phases. We started by opening OP Developer Sandbox in the beginning of this year. Sandbox provides test data and four APIs: Accounts for accessing accounts, Payments for initiating and confirming payments and Funds for managing a user’s holdings.
In the production side we have Branches API which you can use to provide your customers information on the nearest OP branches, Pivo Payment mobile wallet payment API and OP Yrityssiirto API that allows merchants to pay real time transfers directly consumers' bank accounts.
Browse our APIs here: https://op-developer.fi/docs
Monetisation and PSD2 interfaces (pricing)
We will disclose further information about pricing models of equivalent production system APIs at the time of their launch. Depending on the API, we use combinations of various pricing models based on revenue share, events, API calls and license fees.
Regarding the PSD2 compliant APIs and services, we are following EU and the local legislative authority’s guidance.
Read more about PSD2 below.
How is this related to PSD2? Are you now opening the APIs required in PSD2?
The Payment Services Directive (PSD2) requires banks to provide external developers an access to Account Information Service (AIS), Payment Initiation Service (PIS) and Strong Customer Authentication (SCA) through dedicated APIs.
We have already opened sandbox APIs (Accounts for accessing accounts, Payments for initiating and confirming payments) reflecting the final PSD2 compliant APIs that will be opened later for the external developers in the production system. We are proceeding within the time limits set by the European Banking Authority.
Are you opening more than PSD2 requires? Why?
We provide our partners and other software developers – our developer community an opportunity to develop diversified services and not just banking products. Therefore, we are planning to open APIs across our businesses. Our goal is to support our partners to succeed and build together diversified services for customers – and finally for all. This provides an advantage for our partners in boosting their business and in developing new, innovative products and services that exploit external data and open APIs.
Who will benefit and how?
Most importantly, the end-users and our customers benefit the most from new, innovative diversified services developed together with our partners and external developers.
We also strive to ensure that the developer community and our partners succeed in bringing these services to their own customers. The opportunity to build innovative, diversified services, our trusted brand, a vast customer base and our expertise provide an advantage for our partners and other developers in boosting their own business.
Also we, as a company, will benefit. Thanks to the open APIs, striving developer community and several partners, we are able to support our customers’ financial success and wellbeing better than before and thus secure our place in the digital ecosystems of the future.
How is OP Developer different from competitors’ equivalent services?
We believe that we are a very competitive choice for our partners due to the opportunity to build diversified services, well-established and a trusted brand, a vast customer base and our strong expertise in financial industry. We are also working hard to ensure that collaboration with us is as seamless, beneficial and rewarding as possible.
What are our future scenarios?
A safer world. We hope to build safer cities with the use of data generated by numerous connected devices that provide us with information about driving habits, traffic jams, coordinates of accidents and emissions.
A healthier world. We hope to offer healthcare and insurance services that reflect the real, current state of health and needs better, for instance, with the use of wearables that enable us to monitor our health, activity and life style more accurately.
The next level in personal financial management. We hope to offer more holistic and comprehensive financial advice with the use of intelligence in our own APIs and external data from wide range of other APIs.
What is PSD2?
Adopted by the European Parliament, the Payment Services Directive 2 (PSD2) updates the regulation of payment services to correspond the recent market developments, promotes competition in the banking sector and thereby increases the range of services for customers. PSD2 enables companies without a banking license to provide account information and payment initiation services to their customers. Banks, as account servicing payment service providers, are obliged to enable third party ‘account information service providers' (AISPs) and 'payment initiation service providers' (PISPs) to access the payment account data they hold on customers, at those customers' request. The regulation requires banks to offer at least one access interface (dedicated API or customer interface in online bank) enabling secure communication with third parties. The interface should also enable third parties to identify themselves and allow them to rely on the authentication procedures that bank provides to its customers.
When PSD2 enters in force?
PSD2 entered into force 13.1.2018 in Finland for the most part. The regulation obliges banks to provide an access interface that incorporates strong customer authentication (SCA) and secure communication standards by 14th Sep 2019.
How can I offer these services to my customers?
Register to OP Developer Create an account, get access to our sandbox APIs and build your first application on our APIs! Get started here. Sandbox APIs are currently available for all. The PSD2 APIs, account information and payment initiation services, will remain free of charge for all AIS/PIS license holders in Finland with unlimited calls after they are published in the production. Using these APIs does not require a contract between the bank and the licensed third party. The registration process and account information and payment initiation sandbox APIs are subject to change. We are working on a convenient and seamless registration and developer experience to provide you an access to the PSD2 compliant production AIS and PIS APIs. Make sure that you don’t miss anything and subscribe to our newsletter to get latest updates on our APIs and other developer services!
Register as an AISP or/and PISP In order to provide account information services or payment initiation services, third parties must register themselves as AISPs or PISPs under the PSD2. Please, see Finnish Financial Supervisory Authority’s web sites for more information: https://www.finanssivalvonta.fi/en/capital-markets/authorisations-registrations-and-notifications/ (in English) / https://www.finanssivalvonta.fi/paaomamarkkinat/toimiluvat-ja-rekisterointi/(in Finnish)
- Information to be provided by AISP and PISP applicants: https://www.eba.europa.eu/-/eba-consults-on-guidelines-on-authorisation-and-registration-under-psd2
- Professional indemnity insurance or comparable guarantee for AISPs and PISPs: http://www.eba.europa.eu/-/eba-consults-on-guidelines-on-professional-indemnity-insurance-or-comparable-guarantee-for-payment-initiation-and-account-information-services-provide
- To provide services outside of your home Member State, you need to apply for a permission with passport application. Read more in: https://www.eba.europa.eu/regulation-and-policy/passporting-and-supervision-of-branches/regulatory-technical-standards-on-passporting-under-psd2
- Further information on the requirements set for AISPs and PISPs can be found in the Finnish Payment Services Act and Payment Institution Act
Regarding PSD2 related questions, please, contact Anders Stenbäck (information below) or visit op.fi https://uusi.op.fi/private-customers/daily-banking/payment/psd2