Open Banking in Denmark: A Guide Through Regulation, Trends and Opportunities

Denmark is one of the most digitally advanced countries in Europe. With high internet usage and almost 100% of Danes having online bank accounts, the country has always had a taste for innovative solutions. But how well-established is open banking in Denmark?

In this article, we will focus on open banking in Denmark, analysing the regulations, infrastructure, providers, and overall state of open banking as a payment method in Denmark. We will investigate the acceptance of open banking in the country, as well as different open banking providers, such as Noda, a platform which integrates with all major Danish banks and 2000+ banks globally.

What Is Open Banking? A Recap

Under Europe’s PSD2 rules, banks must open up customer balances and transaction histories to licensed third‑party providers, enabling two main services: Account Information Services (AIS), which allow apps to fetch real‑time data for tasks like budgeting or credit assessments, and Payment Initiation Services (PIS), which enable direct bank‑to‑bank payments without using card networks.

Open banking is a system that allows people and businesses to share their bank account information and initiate payments through secure APIs (application programming interfaces) once they have given permission.

Individuals can use open banking to grant apps and companies secure access to their financial details. Some of the real-life application examples of this technology include e-commerce stores or software providers that accept account-to-account (A2A) payments directly from customers’ bank accounts, as well as budgeting apps that use aggregated bank data to provide users with a complete view of their finances.

How Does Open Banking Work In Denmark?

Denmark’s financial sector is one of the better suited to open banking among its European neighbours. In 2022, the country placed second on the European DESI index and earned an open banking maturity score of 7.2.

Major banks such as Danske Bank and Nordea offer developer portals that provide regulated API access, but accessing these requires a PSD2 license and the appropriate eIDAS certificate. Denmark’s strong mobile banking infrastructure is further highlighted by the widespread use of Scandinavia’s own phone payment app, MobilePay, and the country’s participation in the Nordic Cross Border Payment (P27) – an initiative aimed at further support of seamless domestic and cross‑border payments. This combination of regulation, technology, and collaboration makes open banking in Denmark both secure and efficient.

With universal banking (100% of Danes hold accounts) and near-ubiquitous internet access, Denmark adopted online banking early. Today, major banks, including Danske Bank, Nordea, Nykredit, Jyske, Sydbank, Spar Nord and Bank Norwegian, all offer PSD2-compliant portals for their customers’ convenience.

Open Banking Regulation In Denmark

Denmark enforces PSD2 through its national regulator, the Danish Financial Supervisory Authority (Finanstilsynet). Under this framework, any Third‑Party Provider (TPP) – whether an Account Information Service Provider (AISP) or a Payment Initiation Service Provider (PISP) – must hold a valid PSD2 license and register with Finanstilsynet.

Third-party providers also need certificates to connect to live bank APIs, ensuring that every data call and payment initiation is authenticated at bank‑grade security standards.

Strong Customer Authentication (SCA) is mandatory for every transaction. It is usually achieved with two‑factor authentication methods such as one‑time text message codes or biometric login.

In addition to PSD2, all personal data accessed via open banking must comply with GDPR, giving individuals full transparency and control over how their financial information is used and revoked.

Denmark Open Banking Overview

Denmark’s open banking landscape builds on its broader digital leadership. Nearly 100% of adults have bank accounts, 95% of households are online, and 91% of Danes use Internet banking figures that dwarf the EU averages. Despite that, adoption of open banking in Denmark is not as high as the date leads to believe.

Adoption of Open Banking As A Payment Method in Denmark

Denmark ranks among Europe’s most digitised nations, with nearly everyone online and local payment habits reflecting that – around 90% of in-store transactions are already digital, with each Dane making about 441 card or mobile payments per year, far exceeding the EU average of 183.

That being said, open banking as a payment method is still gaining momentum among Danes. While traditional digital payment methods dominate, open banking checkouts, powered by providers like Noda, have only recently entered the Danish market. Despite that, consumer interest shows immense potential, with 41% of Danes having expressed interest in new payment methods using bank data, and 39% are open to data-enhanced financial services.

In conclusion, while Denmark’s digital payment landscape is robust, dominated by cards and MobilePay, open banking payments are not yet pervasive. However, growing merchant adoption of open banking checkouts, favourable infrastructure, and solid consumer interest show that open banking can evolve from niche to a regularly considered payment option over the next few years.

Payment Gateways In Denmark

Traditional Danish payment gateways revolve around Dankort (the national debit scheme) and MobilePay, the hugely popular mobile wallet. Nets (now part of Nexi) remains the primary processor for card and Dankort transactions, while MobilePay handles P2P and growing e‑commerce volumes.

Nets/Nexi continues to dominate Dankort and major card schemes, but processors are adapting to support account‑to‑account flows via PSD2. Some global acquirers (e.g., Trustly) now layer open banking alongside cards under one contract, simplifying reconciliation and reporting.

International gateways like PayPal, Stripe and Adyen also compete, offering global card acceptance and multi‑channel checkouts. However, open banking-enabled gateways are emerging: Mastercard-owned Aiia connects to over 27 local banks, illustrating that even the huge global card networks see their future in open banking, the Norwegian-based Neonomics covers roughly 60 banks via a single API, and the global network Noda offers connections with all major banks in Denmark, as well as 2000+ banks across Europe.

Open Banking Providers In Denmark

While banks open their own APIs, most businesses have no choice but to work with aggregators for broader coverage and fewer integrations. Key providers in Denmark include:

• Aiia (Mastercard): Connects 80%+ of Danish banks through BEC and Bankdata.
• Neonomics: Provides a unified API for account data and payments, covering around 60 banks.
• TrueLayer & Yapily: Pan‑European players with Danish bank coverage.
• Noda: Our platform integrates with all major Danish banks and 2,000+ banks across Europe. Noda’s single API delivers payment initiation and account information, plus features like instant account verification.

Open Banking Integrations in Denmark

There are two main ways to integrate open banking in Denmark. If you're a financial institution or fintech, you can access open banking capabilities directly with bank APIs or by partnering with a regulated open banking platform that specialises in data aggregation and financial services connectivity.

If you're an online merchant looking to offer open banking payments, you would typically integrate with an open banking provider focused on merchant payment solutions, such as Noda.

Key features to look for include instant account verification to reduce fraud, access to transaction history for KYC or credit scoring, seamless “Pay by Bank” payment flows with SCA compliance and real-time webhooks for status updates. With Noda, you get all of this in one integration, enabling Danish account payments, global payouts, and rich data services from a single API and dashboard.

Future of Open Banking in Denmark

With the EU’s proposed Financial Data Access framework well underway, Denmark will evolve from being an already digital-savvy nation in an even more digitised direction. Despite that, the relative use of open banking among Danes is quite low. With almost half of Denmark’s population keen on embracing new payment methods and banking solutions, this is a perfect moment to accelerate the country’s journey towards open finance.

With Noda’s cutting-edge all-in-one open banking platform, e-commerce merchants can elevate their business and drive growth through efficient operations and an understanding of consumers’ priorities. Noda offers both payments and data services within one interface, and facilitates AI-powered financial analytics and user-friendly verification to provide the most competitive open banking on the market. If you’re looking for low fees (from 0.1%), instant settlement and personal managers among other services, Noda has got you covered.

Expand to Denmark with Noda

Noda makes Danish market entry effortless for eCommerce businesses and fintech innovators. With 91% of Danes using internet banking and 41% interested in new payment methods, the opportunity is clear – but timing matters.

Why choose Noda for Denmark:

• Complete coverage – Connect to all major Danish banks (Danske Bank, Nordea, Nykredit, and more) plus 2,000+ banks in Europe through one integration.
• Ultra-low fees – Transaction costs starting 0.1%, boosting your profit margins.
• Instant settlement – Receive payments in seconds directly to your bank account with no intermediaries or lengthy card processing.
• Simple Integration – Whether you use WooCommerce, Magento, Prestashop, Opencart or custom checkout, our plugins and APIs get you live in minutes.
• Additional payment options – Combine open banking with cards, Apple Pay, and Google Pay in one platform for maximum reach.
• No-code solutions – Create instant payment links and QR codes and start collecting instant bank payments without any coding or website required.
• Full support – Your dedicated account manager will ensure quick onboarding, setup and assistance from day one.

Ready to capture Denmark's open banking opportunity?

Book Your Free Demo – See exactly how Noda can unlock the Danish market for your business.