Vilja , a Nordic cloud-native core banking platform vendor, has deployed Finshark ’s Open Banking technology in order to expand its banking platform. As a licensed Account information provider, Finshark's offering is essential for many fintech businesses.

Their Account Verification product will be integrated into Vilja's platform, making transactions more secure. Account Verification is made possible thanks to Open banking application programming interface (APIs) that banks are required to provide according to the EU legislation PSD2. Before a transaction, Finshark's technology can require information about an account owner, and verify that it’s correct.

Thus, eliminating the risk of fraud or manual errors when transmitting money. This is something that will improve the features of the Vilja platform. Therefore, through the partnership and integration of Finshark’s Open Banking services to Vilja, the platform can now offer one of the best digital processes for account validation on the market – instant, safe, and reliable.

Vilja is a provider of cloud-based core banking platforms. Their future-proof platform ensures compliance, automates internal flows, and offers a high level of customer service. Vilja’s other partnerships The year of 2022 seems to have been a busy one for Vilja.

It closed a series of partnerships, one of them with Bosam, a company that has developed and launched a new financing model for co-ops that enables 50-70% lower apartment price compared to traditional co-op apartments by reallocating debt from residents to co-ops through loans with fixed interest rates. The mission is to give significantly more people a chance to enter the housing market. In September 2022, Nstart has partnered with Vilja for the supply of core banking lending solutions in Norway.

Nstart specifically offers highly indebted consumers the opportunity to refinance loans and credits, lower costs and take back control of their own finances. Vilja Consumer Loans is a complete end-to-end solution that is designed for self-service and automation. It is designed with a customisable building block architecture using microservices.

The solution runs on Kubernetes to ensure scalability, resilience, and the highest availability. The help of Open Banking The rise of Open Banking has been driven by increased consumer awareness about how companies handle private information and a desire for more customised services from financial institutions. Open Banking has vast potential for businesses of all sizes.

By sharing customer data with authorised third-party providers, companies can better understand their customers and their spending habits. The rise of Open Banking is likely to significantly impact the way businesses operate in the future. Those that can capitalise on the opportunities it presents are likely to gain a competitive advantage over those who don't.

The move to Open Banking is unavoidable, considering it is often legislation mandated by government authorities. Open Banking has a significant role to play in the future of fintech and businesses. By taking advantage of the opportunities Open Banking presents, businesses can gain a significant edge over their competitors.

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