Sweden’s SEB is set foray into Open Banking by launching a new service that will enable its customers to view account data from other banks in the SEB app.

The move is the first of the series of new services to be launched by the bank under PSD2 regulations.

The Open Banking feature is scheduled to go live this month. It will provide the customers with a complete overview of their finances on a single platform.

Additionally, the move will enable SEB gain better insights into customers’ financial health and provide tailored advice accordingly.

SEB head of business development of corporate & private customers division Mika Burman Götz said: “Many people have multiple banking relationships, and through this service we are making it easier for our customers to gain an overall view of their personal economies.

“At the same time, it will save them time as they will not need to log in to multiple banks.”

Customers who wish to sign up for the service can choose to view information from selected or all their accounts.

They can avail the service by singing an agreement through the app by using mobile BankID.

Götz added: “That customers give their consent is always a precondition – once they do this, as a third-party vendor we can then access their information.”

In 2017, SEB launched an expense chart to provide the customers better insights into their expenditures.

It was launched in collaboration with Tink, which will also assist the Swedish lender with this Open Banking initiative.