Today Instantor, the Swedish fintech company making financial decisions easy, announces that Swedish FSA (FinansInspektionen) has approved the company’s application to operate as an Account Information Service Provider (AISP) in accordance with PSD2 in Sweden.Instantor is the first AISP fintech that has been granted permission in Sweden. The Swedish FSA ´s approval means that Instantor now has the legal prerequisites for continue building consumer-centric services using end-user account information as part of the Open Banking framework defined by PSD2.
An AISP is subject to the Swedish FSA´s supervision and requires registration through an application procedure in accordance with the Payment Services Act which implements the EU directive PSD2 in Sweden. With the implementation of PSD2, an AISP can be granted access to consumers’ internet bank data to build and provide services based on this data. Banks will provide access to this data via API:s when the consumer has granted prior explicit consent.
Instantor utilises bank data to digitalise financing processes and change how financial institutions assess credit decisions, to make it easier, fairer and faster for consumers. Today, the company has over 300 bank integrations, in 25 markets, and a potential reach of over half a billion people in Europe, Latin America, and Asia.
Oskar Löthberg, Head of Legal at Instantor comments on the authorisation:
“Since we started to work on our application this spring, it has been an intense process. We had a good dialogue with the Swedish FSA, and I think we had an advantage of that we early on invested in and have taken compliance very seriously. Gaining the validation and approval of the Swedish FSA for our operations is a quality stamp and an acknowledgment of that work.”
Simon Edström, CEO at Instantor says:
“The Swedish FSA’s approval means that we can continue developing products that support consumers to prove their true financial capabilities. It is an important step in helping the finance industry to digitise its processes as well as a significant step for the future of Instantor.”