Riga-based fintech startup Nordigen has announced the launch of the first-ever free open banking API platform. This platform will let developers in companies of all sizes to access PSD2 open banking data from all major banks across Europe via the API. This new platform from Nordigen is claimed to provide connectivity to over 29 countries across the EEA (European Economic Area), including the UK.
Nordigen’s free open banking platform
“For the majority of fintechs, accessing open banking data is prohibitively expensive. Incumbent open banking companies require payment for every single connected end-user, meaning the cost of access rapidly rises for fintechs as they scale. Moreover, the market is difficult to navigate – there are more than 380 AISPs in Europe, many of which offer connectivity as a service. Each of them has a different pricing model and API documentation,” says Nordigen in a press release.