Crosskey
Pioneering an Open Banking Strategy

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Thomas Lundberg, CEO, CrosskeyThomas Lundberg, CEO
Mobility and digitalization coupled with the demand for open, secure, and personalized banking experiences are the key drivers for the adoption of innovative financial technology within the banking industry. Banks are now looking to team up with fintech companies to yield new and better ways of banking with their customers. In order to realize the full potential of innovative fintech applications, what matters most to banks today is an open banking system that can help with integration and development of new products and services through the use of APIs.

This is precisely where Crosskey marks its presence in the Nordic region by providing a new lane to the banking industry by enabling a fruitful collaboration with fintech companies through their forward-thinking technology and innovative open banking solutions.

“We implemented open banking strategy seven years back even before there was any talk about PSD2 or open banking,” remarks Thomas Lundberg, CEO of Crosskey. As a part of their open banking strategy, Crosskey took a strategic decision to tailor its systems to support open banking concepts and later developed a state-of-the-art, cloud-based, PSD2-compliant open banking integration module. “With our open banking solution, banks can access several other banks’ APIs and collaborate with third-party developers to build various banking applications and services,” explains Lundberg.
By adopting Crosskey’s open banking strategy, banks can add more modules, integrate with other stakeholders in the financial markets, build processes that are unique, and generate higher revenue. Crosskey’s open systems are built on a “step by step” integration model, making it possible for customers to implement certain modules from the company’s portfolio as the first step and add more as they go along. For instance, the Swedish savings app Dreams is a collaboration between Crosskey’s customer Ålandsbanken and Dreams, a fully digital financial service provider in Sweden. Within the cooperation framework, Crosskey integrated already in 2016 the Dreams’ application with the Ålandsbanken banking system, which Crosskey has developed. This made Crosskey among one of the few in the Nordic markets to have effective integrations with renowned fintech players and was a pioneer back in 2016.

With our open banking solution, banks can access several APIs and collaborate with third-party developers to build various banking applications and services

Crosskey’s open banking platform offered as software-as-a-service enables customers to pick and choose specific components as and when they need. The company today has over three million end users using their bank systems’ databases and peaks daily above 1.5 million monetary transactions per hour.

Elaborating on the effectiveness of Crosskey’s banking platform, Lundberg cites a case study where S Group, a Finnish retailing cooperative organization wanted to launch a bank in Finland. The business-critical nature of the task demanded a partner with a deep understanding of core banking, and a system with the stability to handle large volumes of transactions. Since S Group was starting its banking business from scratch with the launch of S-Pankki, a retail bank, Crosskey proved to be the ideal choice to tailor a system that closely matched their business needs. Crosskey’s banking products delivered support for customer management, deposits, loans, payments, and business products, with online banking as the primary channel. “We also have a proven track record of helping a Swedish startup bank implement a banking solution within five months,” extols Lundberg.

To deliver banking experiences that align with current digitally driven businesses, Crosskey not only offers PSD2- products but also supports areas outside basic PSD2 scope such as capital markets, credit cards and/or other parts of banking through an exceptional “aggregator” module.

Crosskey News

Reinventing Financial Competitive Advantage with High Performance IT Resources

FREMONT, CA: Niclas Södergård, Chief Technology Officer of Crosskey points out “Banks that see the new era in the financial services industry as an opportunity rather than an obstacle have the chance to make huge gains. At Crosskey, our goal is to become the most valuable innovation partner for banks, which involves keeping track of what’s going on in the technology world and developing solutions that deliver optimal value for our clients and their customers.” In light of this vision, Crosskey is creating dynamic, dependable and future proof IT solutions that allow financial institutions to unlock competitive advantage. Read More

Mangold Fondkommission partners with Crosskey

Sweden-based Mangold Fondkommission has signed an agreement with Crosskey to integrate the latter’s SaaS-based service for Wealth Management and Capital Markets.

According to Crosskey’s officials, their service platform will enable Mangold to increase automation and integrate additional business processes while consolidating them into a single platform. Through this, the investment management company can enhance cost efficiency, as well as business development, both short and long-term.

Mangold provides companies, institutions, and private individuals with financial services, through its Investment Banking and Private Banking. The firm is also a trading member at Nasdaq Stockholm, Nasdaq Helsinki, Nasdaq Copenhagen, BX Swiss, Spotlight Stock Market, and Nordic Growth Market. Moreover, Mangold performs as a Clearing Member and an Issuing Agent at Euroclear Sweden, while its stock is listed at the Nasdaq Stockholm Main Market under the ticker symbol MANG.

SaaS-based services for the financial industry

The COVID-19 pandemic has accelerated the use of Software-as-a-Service (SaaS) in the financial industry, and, according to Gartner forecasts, global public cloud spending will increase by 18% during 2023, reaching approximately USD 208,080 million, compared to USD 176,622 million in 2022.

As the use of cloud technology has expanded, therefore facilitating the growth of SaaS services, financial institutions have been partnering with SaaS providers to improve their core software, and customer experience, decrease costs, and generate revenue.

According to the Future of Digital Banking study, security represents one of the key aspects of banking, as 70% of financial institutions consider it a critical priority, with cyber-attacks becoming more common. SaaS solutions vendors enable their customers to build in security and compliance from the beginning, adhering to a shared responsibility model. The providers usually supervise the infrastructure, hardware, and main services, while the customer is liable for data security.

SaaS solutions are generally built with a microservices architecture, allowing high levels of automation for building, testing, and deploying, while offering quick reaction agility, and cost reductions. Moreover, banks can combine the advantages of SaaS solutions and AI capabilities to provide personalised services, enhanced security, improved efficiency, and automated threat detection.

More information about Crosskey

Crosskey fuses IT capabilities with flexibility and engagement, improving the way companies create new revenue from financial services. The company’s solutions include traditional banking, eBanking, card and mobile payments, capital markets, and Open Banking.

Back in March 2023, Fundler, a digital saving service based in Sweden, agreed to use Crosskey’s SaaS-based Capital Market service, replacing current solutions from different suppliers. By using the company’s solution, Fundler intended to merge operations into a single platform, therefore facilitating business expansion.

Moreover, POP Bank partnered with Crosskey in January 2022, signing a cooperation agreement on the renewal of its core banking system. The bank planned to introduce the new system in 2025, therefore the agreement had no immediate effect on the banking services offered.