Open Banking in Estonia

Open banking in Estonia - Nordigen

In September 2019, PSD2 went live in the EEA. Estonia is a global centre of excellence for fintechand major Estonian banks already offer open banking.

What is Open Banking and PSD2? 

Open banking is banking practice that securely shares financial information such as consumer banking, transactions and other financial data to third-party financial service providers (Estevez, 2020). Sharing data is done through the use of application programming interfaces (APIs) and only with the consent of customers (The Balance, 2020). Open banking is the drive behind both innovation and competition in the financial industry (Cahill, n.d.). 

PSD2 is a European Directive that regulates electronic payment services and was implemented in all EEA countries in 2016 and went live in September 2019.

Open Banking in Estonia

Estonia has always been a frontrunner when it comes to all things digital. They had online banking already in 1996, mobile banking in 2000 and upgraded to e-ID in 2002 (European Payments Council, 2020).Additionally, since 2009, pensions and social benefits have only been paid out electronically (European Payments Council, 2020).Therefore, it is no surprise that digital and instant payments are the norm in Estonia. 

99% of all Estonian financial transactions occur digitally, making Estonia a cashless society (Invest in Estonia, 2020). Furthermore, with more than 80 fintechs, ranging from innovation startups to blockchain leaders, Estonia is a global centre of excellence for fintech (Invest in Estonia, 2020). 

Of all Estonian citizens using the internet, 89% use the internet for online banking, which is 23% above the EU average (DESI, 2020, 9). Additionally, on integration of digital technologies, Estonia ranks 14th among EU countries (DESI, 2020, 10). Furthermore, Estonia ranks 1st in the EU for digital public services (DESI, 2020, 12). 

Estonia has a total of14 banks, the largest of which beingSwedbank, SEB Bank, LHV Bank and Luminor Bank (Riisalu, 2020). 

How Does Open Banking Work?

Open banking uses an API that allows financial institutions to exchange financial data, usually through a third party-developed application (Estevez, 2020). These applications are developed by up and coming FinTech companies with the mission to improve digital banking.

To access and use the open banking APIs in Estonia, you will need to acquire an account information service provider license, issued by the relevant authority. Furthermore, you will require a relevant certificate (QTSPs or eIDAS), compliant with PSD2 requirements. Alternatively, you can use an open banking platform, such as Nordigen


The Balance. (2020, October 11). What Open Banking Is and How It Will Affect You.

Cahill, H. (n.d.).InvoiceFair. The Evolution of Open Banking: Connectivity breeds digital competition.

DESI. (2020). Estonia.Digital Economy and Society Index (DESI) 2020, 1-13.

ENISA. (2018).Good practices on the implementation of regulatory technical standards. ENISA.

Estevez, E. (2020, August 27).Open Banking. Investopedia.

European Payments Council. (2020, September 23).Country profile: digital and instant payments are the norm in Estonia. European Payments Council.

Invest in Estonia. (2020).Fintech. Invest in Estonia.

Riisalu, E. (2020, December).EBF. Estonia’s banking sector: Facts & Figures.

Statista Research Department. (2019, January 22).Online banking penetration in Estonia 2005-2018. Statista.






Here is a list of major banks providing Open Banking in Estonia


Here is a list of major open banking platforms in Estonia


Nordigen is an authorised Account Information Service Provider. We provide free access to bank data and premium data insights, using regulated PSD2 connections.


Accountscoring is an AISP (OÜ Krediidiregister) which collects and analyzes background information of individuals and companies. 


Taust is an AISP (OÜ Krediidiregister) which collects and analyzes background information of individuals and companies.