Danske Bank builds multi-banking setup for businesses
Old school. Time-consuming. Demanding.
If you’re a business with several accounts across banks, you probably know the struggle of keeping an overview of your finances.
To make it super-smooth for businesses to manage multiple accounts across different banks, Danske Bank teamed up with Nordic API Gateway and created the B2B solution, Undock.
We sat down with the Product Manager for Undock at Danske Bank, Etienne Bell, to talk about the new multi-banking setup.
Let’s hear what he said.
One place for all your bank accounts
When businesses need to get an overview of their finances across several banks, it’s often a time-consuming affair that’s dreaded by most bookkeepers.
But with Danske Bank’s new B2B solution, that’s all about to be a thing of the past:
“With Undock, we’re simplifying the day-to-day banking activities of businesses that use multiple banks. Typically, it’s difficult for them to get a single overview of their finance. They have to login to each bank separately, go through two-factor authentication, discover that their sessions have expired, start over and so on. Eventually, they finally download the reports they need to get an overview of their business finance” Etienne Bell explains and continues:
“Undock solves that pain - we’ve created a one-stop-shop where businesses can get an overview of all their accounts across each bank they use in a single place. Centralising all of their accounts and transactions into one interface allows our customers to simplify their workflow massively and save a ton of time.”
Taking advantage of Open Banking
As a part of Danske Bank’s New Ventures team, Undock is all about using new technology to develop tomorrow’s banking experience.
By teaming up with Nordic API Gateway, Danske Bank got instant access to all business and personal accounts across Scandinavia. And that has reduced the time-to-market significantly.
According to Etienne Bell, that’s what Open Banking is all about:
“When it comes to Open Banking, most banks are focussing purely on compliance – in other words making their data available to their customers and third parties in time for when the new legislation kicks in. We’re taking this a step further and seeing how we can take this data and use it to develop new products and services for the benefit of our customers”
Despite being only in pilot phase, Undock has been very successful with customers so far, with a large rollout in Denmark. In the future, Danske Bank plans to add payments to the solution so businesses can manage all of their accounts, irrespective of the bank, within Undock.
Undock is currently in a pilot phase but plans to launch fully later this year.