SEB is hosting an Open Banking hackathon in partnership with Garage 48 in Tallinn to kickstart their Open Banking API launch in the coming year. SEB has confirmed Investly’s participation in the programme as one of the top UK fintechs in Open Banking technology.
The Payment Services Directive (PSD2), that started rolling out in the UK earlier this month and will be implemented Europe wide in 2019, allows consumers and businesses choose freely between banks and fintechs to serve their financial needs.
Investly got awarded a £50k grant by Nesta’s by participating in their Open Up Challenge last year to build integrations using Open Banking technology with major UK banks such as HSBC, Barclays, RBS, Lloyds and Santander.
According to Siim Lepisk, Innovation manager at SEB: “We’re proud to say that SEB is leading the efforts with Open Banking in Baltics and attracting high profile fintechs to participate in SEB’s technical ecosystem. This gives ground for completely new types of financial services for our customers across SEB group.”
“Being one of the first fintechs to get access to the Open Banking API in the UK enabled us to work together with international banking groups,” stated Siim Maivel, CEO of Investly.
“UK was invaluable experience for us and we’re excited to work with such a pioneering bank as SEB. This provides countless new opportunities to many financial technology providers. Open Banking moves the focus away from the product to consumers, giving customers the control.”
The hackathon will take place on Feb 16-18 in SEB Innovation Center in Tallinn. The programme is still open for additional entrants. To learn more about the hackathon, click here.
Read SEB announcement here.