Nordic Fintech Week, organised by Copenhagen Fintech, aims to bring the Nordic fintech ecosystem together. It provides an industry outlook on the latest trends and developments while building a bridge to global fintech innovators. Euroclear Finland was there to contribute to and engage with this exciting ecosystem. Euroclear Finland’s newest services are based on data innovation: Insider Elements for insider management and Data Elements for data services.
Euroclear Finland showcases innovative data services at Nordic Fintech Week
On September 25th, Juha Leinonkoski, CIO/CTO of Euroclear Finland, delivered a keynote at Nordic Fintech Week in Copenhagen. He was supported by colleagues from Euroclear’s Innovation team, Amy Dalton and Kevin Johnson.
During his keynote, Juha explored the topic of Open Finance with the audience. He discussed the importance of leveraging Euroclear’s position as a key financial service provider. By working with issuers in a landscape of a direct account model, Euroclear Finland can maximise its impact by placing the client at the very centre of its data model.
Open Finance represents a paradigm shift in the financial services industry, promoting greater transparency, accessibility, and innovation. For Euroclear Finland, Open Finance means harnessing the power of data to create more personalised and efficient services for clients. By integrating various financial data sources, Euroclear Finland aims to provide a holistic view of financial information, enabling better decision-making and fostering innovation.
Euroclear Finland’s approach involves:
Enhanced data accessibility: Ensuring that clients have seamless access to their financial data in real-time.
Data integration: Combining data from multiple sources to provide comprehensive insights.
Client-centric services: Developing services that are tailored to the specific needs of clients, enhancing their overall experience.
Euroclear Finland’s data vision is to provide a wide range of data-enabled services for existing and new clients. This includes improving access to data, introducing new data sources, and providing data analysis and insights in easily accessible formats. The company is committed to building the team and capabilities necessary for new service development, utilising agile methods to improve time to market.
In line with this vision, Euroclear Finland has recently launched its first data-enabled services. The Insider Elements solution is a comprehensive compliance product with streamlined compliance and risk management processes, benefiting companies and individuals with statutory insider management reporting obligations. Additionally, we have introduced an open data concept with Holdings and Transactions Data APIs. This API provides scalable solutions for the financial services community, offering high-quality data on ownership details and transactions. These innovations are designed to help stakeholders locally and globally to innovate better customer service and meet new client needs.
Juha’s thoughts on the seminar
“It was really fascinating to see so many fintech representatives in one place together. The atmosphere was a mix of excitement and curiosity about what a giant CSD could bring to Fintech Week. The preliminary thought is always about the regulations and limits from the regulators. However, in Finland, since we have the direct holding model by law, it gives us and the market access to high-quality data of ownership details in Finland. There is massive potential to reveal that potential into services and products we could offer to our stakeholders locally and globally. Additionally, it helps them innovate better customer service and meet new client needs in the market.”
As Euroclear Finland continues to embrace Open Finance and develop innovative data-enabled services, we remain committed to placing our clients at the core of everything we do. By leveraging our unique position and the high-quality data available through our direct holding model, we aim to drive the financial services industry forward. We look forward to further engaging with the fintech community and exploring new opportunities to enhance our offerings and meet the evolving needs of our clients.
