Finland was one of the frontrunners of online banking back in the 90s, so it comes as no surprise that they have the infrastructure to welcome new technology such as open banking. As a matter of fact, the country is part of the P27 initiative – a collaboration between Nordic countries that aims to create a real-time payment system for domestic and cross-border payments.
When we talk about the infrastructure to welcome open banking, according to the Digital Economy and Society Index (DESI) Finland ranks among the top countries in the digital transformation of businesses while the coin try ranks second for the most advanced digital economy in the EU.
Currently, Finland is considered to be a champion in both regulatory and market initiatives driving open banking development. According to Twimbit’s Open Banking Maturity Matrix, Finland is ahead of many other European countries in terms of API ecosystem utilisation, open banking evolution, namely sandbox or development platforms, collaborations, the number of open APIs as well as data monetisation.
What more could the future be for open banking in Finland other than bright. The country is ready to embrace the technology and realize its potential. What remains to be seen is the regulation that will surround the technology in the years to come.