There are a few tools that are as popular and have as many positive reviews as Nordigen’s free open banking AISP tool. By providing users in-depth access to account information and a continent-wide coverage, Nordigen can really back up its claims of being a versatile, cutting-edge, and user-friendly solution.
But what really makes this tool stand out from the pack? Well, let’s dive a bit deeper and find out!
Nordigen – an Open Banking AISP with a European Focus
For now, the EU and UK seem to be the only two markets with a genuinely progressive and effective model of open banking in place. Other markets are currently just testing it out or looking to find ways for implementation.
Nordigen takes full advantage of this by allowing anyone who uses their account information product to reach data from over 2,000 banks in 31 countries from the EU, the EEA as well as the United Kingdom!
The seamless integration will allow you to reach customers from all parts of Europe, without having to stress over integration. The uptime of the service and the quality of data are monitored continuously by the banks themselves.
You only need to pay if you want to see premium insights. Other than that, this tool is entirely free of charge for usage.
The Perks of Using Nordigen AISP
Besides having the link to over 2,000 banks from all over Europe, you can benefit from a lot of other perks, too.
For example, the list of data that you can gather is truly extensive, within GDPR and PSD2 limitations, of course. See IBAN numbers, transaction history (up to 24 months), balances as well as names of the account holders.
Furthermore, the tool is built for developers. Hence, you can customize the interface for the end-user. No widgets, unstable screen-scraping or other unnecessary obstacles disrupt the development process.
In addition, it’s compatible with both Android as well as iOS devices on the web and native mobile apps. Finally, the credentials of users aren’t stored, ensuring totally open and simple UI development.
Open Banking AISP Nordigen – Quality Commitment
One of the USPs (Unique Selling Points) of Nordigen is having a service that is entirely free, except for premium insights. They have issued a strong quality commitment message which shows their dedication as a software solutions provider and shows how they intend to keep the service free and accessible.
Within a given month, Nordigen’s API has approx. 99.5% availability once the account information is aggregated. This number is different from what users can see in the initial stages as the availability of data might be lower due to issues with the APIs on the ASPSP end.
The high availability indicates genuine dedication towards bringing stable and usable solutions to customers.
In addition to minimal downtime, there are continuous updates that are brought out regularly. Patches, fixes, and permanent adjustments make the solution incrementally better over time.
A Short Process Description on How it Works
In order to better review the solution, let’s have a short process description.
Here’s how the Account Information tool works
- The End User gets a reference number assigned. The number is unique and, in this part, the user sees the first view, hosted and developed by the service provider (you)
- The end-user selects an ASPSP (bank or other) and is redirected to the next view, hosted by Nordigen, to express consent
- The ASPSP now hosts its own interface to link the data.
- Once the user authenticates through the ASPS, bank account data is obtained and delivered.