Swedish FinTech firm Tink has launched an application programming interface (API) platform, granting developers in companies of all sizes, across any sector, access to its technology.

This will allow developers to use Tink’s account aggregation and categorisation products via a self-serving platform, with access to financial data from more than 300 banks in a single API, once the end user has given their consent for this data to be accessed.

While the Second Payment Services Directive will be taking full effect in the next 18 months, Tink stated it already aggregates beyond PSD2 payments data, allowing developers to access more than the data connected to payment accounts.

The complexity of authentication, and the end user’s interaction with banks, is handled entirely by Tink – leaving developers to focus on utilising the data and building user experience.

While the initial launch will support banks in the Nordics, the platform will soon be rolled out across Europe and continuously expanded with additional features and developer tools. Tink is already live with partners including SBAB, which has launched a ‘mortgage challenger’ by aggregating their consumers’ data using information on current mortgage rates to offer them a better deal.

Fredrik Hedberg, chief technology officer and co-founder at Tink, said: “We know from experience that there are countless developers out there with brilliant ideas – but innovation has been held back by the lack of access to financial data.

“Businesses can now come to us and implement something new in just a day, instead of having to wait for banks to open their APIs in two years’ time,” he added.

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