Open Banking:

vs. bank statements

Find out why developers choose Open Banking to
deliver automate income verification and lending

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Why Open Banking is better

than bank statements

Automated

Open Banking enables access to private and business bank accounts across Europe. Transaction histories and continuous 90-day access - all automatically.

Regulated Service

Open Banking is a regulated activity in Europe under PSD2. All data access is allowed only with account holder's consent. 

Open Banking is free

In Europe, all major banks provide free APIs to access account data. Access to data requires AISP license, issued by relevant authorities.

Same data, better experience.

Better in every way.

Open Banking

 

Fast

Automated process

 

Bank statements

 

Slow

Manual process

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It's worth the integration effort

Compare Open Banking

Features

 

Open Banking

Bank Statements

Account holder's name

Yes

Yes

Account numbers (IBANs)

Yes

Yes

Transaction history

Yes

Yes

File formats

JSON

PDF, Images

Data acquisition

Automatic (API)

Manual (done by users)

Usability

High

Very low

Fraud risk

Very low

High

Availability

 

Personal account data

Yes

Yes

Commercial account data

Yes

Yes

Have you heard about Nordigen?

A simple API that connects with major European banks

Access Personal & Business accounts
Compatible with Web & Mobile apps
Customisable user-facing interface
Free to use, no hidden fees
High uptime, ensured by banks
Why is our solution free
We connect to PSD2 APIs

Banks in Europe provide free access to banking data via open APIs. We connect to these APIs.

Banks do the heavy-lifting

PSD2 regulates that banks build functional, reliable and well-documented banking data APIs.

Premium insights and services

For customers that want more from their banking data, we provide premium insights.

Frequently asked questions

In which countries is Nordigen available?

Nordigen has passported it's AISP licence to 29 countries in the European Economic Area. To see full country coverage, visit this page

Nordigen allows businesses to gain consented access to Private and Business account information, which includes: account holder's name, account number (IBAN), transaction history of the current account (up to 24 months), continuous access to current account transactions for 90 days without additional consent. 

Fill this short signup form and our Onboarding Team will reach out to you help you get started.