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Source: SkySparc
SkySparc, an independent solutions provider, has implemented an Open Banking solution for long-term client Telia, a leading European telecoms provider, which leverages Nordea’s market-leading Open Banking API to enhance visibility of intraday liquidity and improve treasury automation and efficiency.
As part of the solution, SkySparc OmniFi reconciles and consolidates data from the Nordea Instant Reporting API and Telia’s treasury management system to provide the firm’s treasury operations team with real-time account access, intraday account balances and transaction history. This supplies them with accurate, timely liquidity information directly fed into their reporting framework to provide a solid foundation for operational decisions.
The solution, which took a matter of days to build, replaces a much more manual process in which Telia’s end-users would have to log in to the banking platform using tokens to access the required data.
Nordea’s suite of Premium APIs offers corporate treasuries a range of opportunities for more seamless transaction banking experiences that extends beyond the basics, providing real-time access in the customer’s channel of choice including the supply of intraday transaction and balance data.
Johan Skoglar, Solution Manager for Treasury Systems, Telia, said: “We have been delighted to continue our long-term efforts to simplify and automate treasury information flows with our partners at Nordea and SkySparc. This solution puts intraday liquidity information at our operational team’s fingertips, but we have much more to achieve together in the digitisation of treasury processes.”
Maria Dalin, Senior Business Developer, Nordea, said: “Forward-thinking clients such as Telia are increasingly recognising the potential for Open Banking and APIs to revolutionise their corporate treasury processes and to deliver new insights and efficiencies. Being the market leader in Open Banking APIs we look forward to further collaboration with Telia and others to develop more innovative banking API solutions.”
Marcus Gullers, Head of Product Management, SkySparc, said: “This project underlines SkySparc OmniFi’s ability to integrate and consolidate information flows from multiple sources in a way that drives real business value for clients. We expect to work closely with Telia and a wide range of corporate treasury clients to further explore the game-changing potential of Open Banking APIs.”
Financial Services
