SEB Bank clients the first in Lithuania to manage their accounts through another bank’s e-banking system

Starting from 14 September when the EU Payment Services Directive enters into force, bank customers will be able to manage their bank accounts through licensed providers of financial services upon giving their relevant consent. Today such a possibility to its clients was offered by SEB Bank – its clients will be the first in Lithuania to manage their accounts opened with SEB Bank through another bank’s e-banking system.

SEB Bank was the first in Lithuania two years ago to present Sandbox – an open banking platform, and since August 2018 it enables licensed third parties, i. e. banks, fintech companies, payment service intermediaries, to test the services they develop via the Application Programming Interface (API) in SEB Bank systems. The development of new solutions enable SEB Bank clients – private individuals and companies – to view the balance and statements of their accounts with SEB Bank at other financial service providers’ Internet banks, mobile apps and other channels, also, to initiate payment orders from such accounts.

“We believe in open competition, which enables clients to manage their data in a way they deem necessary. Secure transfer of customer data between licensed banks and fintech companies allows creating new financial services that enrich the financial market and are useful for our customers. We are convinced that open banking will change the financial world, therefore, SEB Bank aims to be among the first to implement the changes and to inspire other companies to make a wider use of innovations in their business. Also, we encourage other market players to offer their clients the same freedom in managing their data,” says Vaidas Žagūnis, member of the management board and Head of Retail Banking Division of SEB Bank.

Having now made available its customer data to licensed financial service providers, in the first quarter of 2020 SEB Bank will launch a new IT platform in Lithuania that manages the major part of the bank’s service and business processes, and then it will offer its clients a possibility to view, at SEB Internet Bank, their accounts opened with other banks and to execute transfer of funds from such accounts.