New Premium Products - Nordigen

Nordigen: new Premium Products to standardise open banking data


| Article by: NordigenProfile Image Nordigen 3 min

Only a year ago, Nordigen changed the open banking industry paradigm by launching the first-ever (and still only) free open banking API platform in Europe. Today, we are excited to announce that our range of products is expanding, and we are offering even more opportunities for data enrichment and analytics.

To help developers build open banking-powered applications with more ease, Nordigen is launching 6 new products that cover areas such as data cleansing, enrichment and insights. Developers will now be able to get access to open banking data and make sense of it using a set of simple APIs. Nordigen Premium allows end-users to go one step further with their financial data, all within a simple self-service platform.

One of the core products on offer is Enrichment. This product will allow users to sort, organise and clean up unstructured transaction data. Merchant information, such as name, country, website, logo, and in many cases, even address and contact information will be gathered and cleanly presented for use.

This product is the innovation needed to transform merchant accounts from a compilation of manual work and errors, into a clear, useful resource for valuable information. It’s the ideal go-to product for discovering more context behind a transaction.

Other new offerings in the suite include:

  • Verification: A tool that helps clean irrelevant data and pinpoint specific account owner details.
  • Scoring: A loan-risk assessment product to determine client creditworthiness through income verification.
  • Categorization: A tool for processing end-user’s account information, and identifying type and purpose of transactions.
  • Patterns: A product for discovering patterns, transaction regularities and anomalies within data.  
  • Cleaning: Data cleaning tool, which extracts relevant merchant, transaction type and invoice number information.
  • Enrichment: Transform a clutter of transactions into tidy, structured data.

 

Nordigen Premium Products suite

Who are these Premium products for and how can they be used?

In order to use the products, users will log in to their account dashboard and activate the new products through easy-to-use on/off toggles. Once activated, they will be able to go ahead with public API documentation and start using the products. The new data cleansing and enrichment products are available to all users of Nordigen's free open banking API.

The platform now offers a complete set of tools to connect to over 2,100 European banks, retrieve banking data and prepare the data for use in developer applications. Use cases for the new products include BNPL, consumer lending, accounting, cash flow management, cashback applications and personal finance.

Realistically, anyone who would like to transform raw information into organised and actionable data points can benefit from our Premium products. However, if you’re looking for specifics, let’s use the Enrichment product as an example.

If you’re an accounting firm, you will love simplified expense reporting, achieved through access to clear and structured merchant information.

Neobanks and personal finance management apps, can use the tool to embed logos in their transaction feeds.

Lenders can use merchant details to identify high risk transactions (such as gambling sites) and then use them to accurately determine loan risks.

 

Final remarks

Nordigen launched the first free open banking API last year and it currently has the largest network of bank connections across Europe. With the new Premium suite, Nordigen is now truly a one-stop solution, offering a complete set of tools to connect to banks, retrieve financial data and prepare the findings for use in developer applications.

Our journey has always been one of innovation and change, and this development is no different. Our offering is evolving to meet the changing needs of our customers and this is a mode of operation we will stay true to for the foreseeable future.

Keep an eye out for new announcements and updates as we have a lot more planned for you.

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