API strategy for open banking by the Nordic APIs writing team
It is with great pride that I write this foreword, for it is no exaggeration to say that Nordic APIs played a pivotal role in my journey, which led me to dedicate my life to open banking.
The first time I ever heard of open banking was while presenting
at the Nordic APIs Summit event in Stockholm, where I met
Gunnar Berger from Nordea, featured here in this book. After
listening to him speak, describing large banks as battleships and
fintechs as speedboats, I discovered he had a curious title that I
had never heard of before: Head of Open Banking.
After speaking to Gunnar, doing some reading, and listening to
European politicians argue about PSD2 on YouTube, I became
immediately fascinated with open banking and its seeming contradictions.
Here was a situation where governments were the
ones driving innovation while market forces were slowing it
down, a situation where regulation was trying to reduce barriers
to entry instead of erecting them. In open banking, there seems
to be an attempt to create a financial system that is both more
competitive and healthier at the same time. In short, a better
way to handle money.