Open Banking and the PSD2 directive enable increased accessibility, transparency, and control by allowing account holders to open up bank data to third-party providers, something that ensures a more open and secure financial environment for both individuals and society at large. Roaring is launching its new service, Open Banking API, for, among other things, safer onboarding processes and to help customers with risk management.
In today’s digitalized world, access to financial information and financial services is crucial for both individual and societal success. Open Banking constitutes an essential part of the future in which we strive for increased accessibility, transparency, and control. By enabling account holders to share bank data with third-party providers, it brings a range of benefits both for individual consumers and for society at large. Roaring is launching the company’s new service, Open Banking API, which aims to increase control for account holders as well as efficiency and transparency for the company’s customers and their customer due diligence processes.
“For us, Open Banking is about enabling safer and smarter onboarding processes, minimizing risks, and providing valuable insights to customers across different industries. By giving users full control over their data while also making it easier for our customers to verify or obtain a financial current-state picture of a company or a private individual, we can offer a more comprehensive solution,” says Johan Jensen, CEO of Roaring.
One of the key features of Roaring’s Open Banking API is the ability for bank customers to easily and securely verify their accounts and, in this way, allow third parties access to basic account details such as account number and balance. After the account holder’s approval, more detailed information, including transaction history, can also be made available to third parties, which may be useful for, for example, financial planning or risk modeling.
“The accessibility comes from an EU directive that means banks need to offer the possibility of Open Banking. The account holder must have full control over their own financial data, and third-party providers can access the information, provided that the account holder has initiated a process where it is required and approves the disclosure,” says Johan Jensen, CEO of Roaring.
“Open Banking entails a democratization of the consumer’s financial data, since it becomes clear that it is I, as a private individual or company, who owns my own data. In the long run, it also enables efficient and automated processes at, for example, financial institutions, which ultimately enables more innovation and allows the end customer to receive a better offering,” says Pontus Holmberg, Head of Product and Innovation at Roaring.
To offer Open Banking API, Roaring has entered into a partnership with Enable Banking, a leading tech company within Open Banking that enables connectivity to more than 2,600 banks in Europe. The collaboration with Enable Banking opens up new opportunities for Roaring and entails a development of offerings and services within Open Banking over time.
Roaring is now launching the first part of its Open Banking offering, the ability to verify account information. The launch of the next step, which also includes access to account transactions, is planned to take place later in 2024.
“Open Banking is part of the future’s methods for smarter risk management linked to real-time insights. Especially since the requirement for consent from the account holder means automatically built-in risk mitigation. Companies either receive relevant, up-to-date data, or the consumer declines and the company does not get access to the information at all, and can make decisions based on both outcomes. Open Banking presents major opportunities, not only for private individuals and companies but for the financial digitalization of society as a whole,” says Pontus Holmberg, Head of Product and Innovation at Roaring.
Roaring, established in 2016, is a leader in automated customer and supplier checks with a focus on minimizing business risks. Through smooth access to business-critical information, Roaring ensures regulatory compliance and strengthens organizations’ risk assessments – and can at the same time contribute to a seamless onboarding of new customers. All for a world without time-consuming, frustrating, and unnecessarily complicated business-critical processes.
Roaring is ranked as the 14th fastest-growing technology company in Sweden according to Deloitte Sweden Technology Fast 50. During the most recent financial year, Roaring grew by nearly 50%, and the goal is even faster growth in the coming year. Roaring’s headquarters are located in Danderyd, Stockholm.
For more information, please contact:
Sandra Siljestedt
sandra@roaring.io
+46 707-42 42 98
